The proposed deal grants the Rice and Lissette families and Intersnack Group full ownership of the snack manufacturer upon closing. Legal analysts are questioning the structure of these change-of-control arrangements, which appear to prioritize substantial benefits for insiders over broader shareholder value.

Concerns have also been raised regarding the transaction agreement’s restrictive clauses. The deal includes a significant financial penalty for any competing bid, a move that effectively limits market competition for the company. Ademi LLP is currently evaluating whether these conditions unfairly stifle alternative offers and if the board acted solely in the best interests of all stakeholders when approving the terms.