What Pringles brought to Diamond was international shelf space so I think it was the possibilities for the future that took the stock that high. Diamond has the current brands with growth in the U.S. (Emerald, Pop-Secret and Kettle) and they were going to leverage Pringles international distribution.
It's not desperation time at Diamond. Rather, it is a change in strategy going forward.
Baseball is a good analogy. A team that is in the hunt in June is prowling around for free agents to get them over the top. That was Mendes. Big ego. A chance to get the brass ring. He traded for Pringles.
Teams that do not have a chance (e.g. KC Royals) trade their soon-to-be free agents in June. This is Wolford. The point is that the free agents are valuable. In the case of Diamond, its Kettle and Snap Pop.
Most will say that Diamond's brands are better than Pringles. K paid $2.7 bln for Pringles. They may pay a pretty penny for Kettle and Snap Pop.