SAN FRANCISCO (AP) — Diamond Foods expects its buyout of the maker of Kettle potato chips to close by the end of the month and boosted its guidance for the second half of the year.
Previously the deal was expected to close by the end of Diamond's fiscal year.
But the company received notice of early termination of the antitrust waiting period for the acquisition, it said in a news release Friday.
Shares of Diamond Foods rose 23 cents to $42.29 in morning trading Friday after rising as high as $42.91 earlier in the sesson.
The $615 million cash deal was first announced in late February. The company, seller of Emerald nuts and Pop Secret popcorn, is buying the U.S. and Britain operations of Kettle Foods Inc., which is owned by Lion Capital LLP.
Diamond Foods said because of the faster closure of the deal it now expects earnings per share to range from 47 cents to 50 cents in the second half of the fiscal year. That's up from its previous guidance of 44 cents to 48 cents.
The company said the updated guidance does not include costs associated with the deal and integration.
CEO Michael Mendes said the company plans to invest in Kettle to expand its distribution and introduce new products.
