"A lot of those companies don't have, or haven't taken advantage of, all of the nooks and crannies of the tax code", said Jason Pride, director of investment strategy at Glenmede.
Campbell Soup Co and Hershey Co on Monday unveiled deals totaling almost $6 billion to buy healthy packaged snacks makers, the latest example of big US food companies trying to cater to an increasing American preference for healthy foods.
Campbell will buy Cape Cod chips-maker Snyder's-Lance Inc for $4.87 billion in cash to combat sagging soup sales.
The deal is waiting for approval from Snyder-Lance's shareholders and regulatory approval.
It is unclear whether the deal will result in any layoffs at the Snyder's-Lance corporate headquarters in Ballantyne, where the company employs about 1,300.
Campbell Soup is hungry for pretzels, chips and popcorn.
Snyder's stock increased by 6.7 percent at Monday's premarket to $49.95 per share. "The transaction also unlocks the value of our portfolio, reflecting the progress we have made planning and executing our transformation", Driscoll said.
Campbell's baked snacks product portfolio generated approximately $2.5bn in net sales in fiscal 2017.
The Hanover, York County-based Snyder's of Hanover is one of the largest pretzel bakers in the nation. In 2012, it acquired dressing, beverage and vegetable company Bolthouse Farms for $1.55 billion.
Camden, New Jersey-based Campbell has reported falling sales as more people avoid processed foods.
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Last April, Carl Lee unexpectedly retired as CEO as the company said it faced "difficult challenges" that weighed on its profitability in the first quarter.
The deal - the largest in the soup company's 148-year history - was announced December 18.
The company has seen a decline in revenues for the past five years and is hoping to expand in snacks in order to grow. It is unclear if the Campbell Soup deal affects the expansion plans.