(WNWN/WTVB) – The news which was first reported by the Wall Street Journal became official on Wednesday when Mars, Incorporated announced its plans to buy the snack food arm of Kellogg known as Kellanova.
Mars stated in a press release they have agreed to acquire Kellanova for $83.50 per share in cash, for a total consideration of $35.9 billion, including assumed net leverage.
All of Kellanova’s brands, assets and operations, including its snacking brands, portfolio of international cereal and noodles, North American plant-based foods and frozen breakfast are included in the transaction.
The agreement has been unanimously approved by the Board of Directors of Kellanova. The transaction is subject to Kellanova shareholder approval and other customary closing conditions.
After closing, Battle Creek will remain a core location for the combined organization.
Kellanova’s snacking brands including Pringles®, Cheez-It®, Pop-Tarts®, Rice Krispies Treats® and NutriGrain®.
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