Americredit (NYSE: ACF), Lance, inc (NASDAQ: LNCE) rallied on news today. Lance closed up 33% percent while Americredit gained 21%.

General Motors announced that it plans to buy Americredit for $3.5 billion in cash for $24.50 per share. With Americredit closing today at 23.91 this gives arbitrage players over a potential 50 cents gain.

The deal steal needs to be approved by Americredit shareholders, but if approved while help GM boost sales and help offer their customers more financing options.

GM CEO Ed Whitacre says that Americredit could become a “core” of a new finance arm for GM.

Snack food maker Lance also announced plans to merge with privately held pretzel maker Snyder’s of Hanover today in a share-per-share merger in which both shareholders for both companies would own half each of the Snyder’s-Lance, Inc. entity.

The company will have headquarters in Charlotte, North Carolina, where Lance was born. Both companies combined had revenue of $1.6 billion last year.

There are rumors of other merger deals out there that could hit the stock market soon.