Confectionery Giant Mars To Acquire Cheez It Parent Kellanova In $35.9B Deal [Yahoo! Finance]
WK Kellogg Co (KLG)
Company Research
Source: Yahoo! Finance
The transaction price of $83.50 per share for Kellanova reflects a 44% premium over its 30-day average trading price and a 33% premium over its 52-week high as of August 2, 2024. The deal values Kellanova at 16.4 times its last twelve months adjusted EBITDA as of June 29, 2024. Mars plans to finance the acquisition with a mix of cash reserves and new debt, with commitments already secured. The acquisition includes all of Kellanova's brands, assets, and operations, covering its snacking brands, international cereal and noodles, North American plant-based foods, and frozen breakfast products. The Kellanova Board of Directors has unanimously approved the agreement. The transaction, pending shareholder and regulatory approvals, is expected to close in the first half of 2025. Kellanova is allowed to declare and pay quarterly dividends as usual before the transaction closes. Notably, in October 2023, Kellanova, which has the global snacking, international cereal and noodles, pl
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KLG
News
- WK Kellogg Co to Participate in the Barclays 17th Annual Global Consumer Staples Conference on Wednesday, September 4, 2024PR Newswire
- Mars to acquire snack maker Kellanova in $36 billion deal [CNBC]CNBC
- Mars Buys Snack Maker Kellanova in $36 Billion Deal [Yahoo! Finance Canada]Yahoo! Finance Canada
- Mars Close to $30 Billion Deal for Snack Maker Kellanova, WSJ Reports [BNN Bloomberg (Canada)]BNN Bloomberg
- WK Kellogg Co (NYSE: KLG) had its price target lowered by analysts at JPMorgan Chase & Co. from $22.00 to $17.00. They now have a "neutral" rating on the stock.MarketBeat
KLG
Earnings
- 8/6/24 - Miss
KLG
Sec Filings
- 8/6/24 - Form 10-Q
- 8/6/24 - Form 8-K
- KLG's page on the SEC website