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Shares of Kellanova (K) are rising after Mars Inc. struck a $35.9 billion deal for the maker of household brands like Cheez-Its and Pringles. Yahoo Finance Senior Reporter Brooke DiPalma joins Morning Brief to break down the news as Mars, the maker of Milky Way and 3 Musketeers candy bars, seeks to establish itself as a global snacking company.
Shares of the companies that dominate the center aisles of America's grocery stores got a boost on Wednesday from news of Mars Inc.'s $36 billion purchase of snack maker Kellanova (K).
Mars CEO Poul Weihrauch and Kellanova CEO Steve Cahillane join 'Money Movers' to discuss the strategic rationale behind Mars, the owner of M&M, acquiring Kellogg's spin-off company Kellanova in a deal valued at roughly $36 billion.
The move to acquire Kellanova will help Mars lean further into the snacking category as it seeks to "double Mars Snacking in the next decade," the company said.
Kellanova also makes Cheez-Its, Pop-Tarts, and Eggo products. Transcript: Conway Gittens: I'm Conway Gittens reporting from the New York Stock Exchange.
Mars plans to buy Kellanova for $83.50 per share, representing about 4% more upside. If the deal doesn't go through as planned, Kellanova stock could drop back down to where it's been trading recently.
MILWAUKEE, Aug. 14, 2024 /PRNewswire/ -- Ademi LLP is investigating Kellanova (NYSE: K) for possible breaches of fiduciary duty and other violations of law in its transaction with Mars. Click here to learn how to join our investigation https://www.ademilaw.com/case/kellanova or call Guri Ademi toll-free at 866-264-3995.
NEW YORK , Aug. 14, 2024 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Kellanova (NYSE: K)'s sale to Mars, Incorporated for $83.50 per share in cash. If you are a Kellanova shareholder, click here to learn more about your legal rights and options.
The M&M owner Mars is acquiring Kellogg spin-off company Kellanova in a deal valued at roughly $36 billion, or $83.50 per share. The move comes after Kellogg separated its business last year, with its cereal segment trading under WK Kellogg Co, and the remaining snacking and plant-based brands under Kellanova.
Candy giant Mars has agreed to acquire Pop-Tarts and Pringles maker Kellanova (K) for $83.50 per share, or a total enterprise value of $35.9 billion, in what would be the biggest M&A transaction this year.