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CANDY giant Mars announced on Wednesday its plan to acquire Kellanova, the maker of Cheez-It and Pringles.
This deal is a landmark valued at nearly $36 billion, marking the largest transaction in the packaged food industry to date.
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Under the terms of the all-cash deal, Mars will pay $83.50 per share for Kellanova, representing a significant 33% premium over Kellanova’s closing price on August 2, just before news of the acquisition discussions first broke.
Following the announcement, Kellanova’s shares surged approximately 8% to $80.45 in pre-market trading.
This acquisition values Kellanova at an equity level of $28.58 billion, according to calculations by Reuters.
The deal comes amid a challenging landscape for US packaged food companies like Kraft Heinz, Mondelez, and Hershey, which are experiencing a slowdown in sales growth.
Consumers, facing tighter budgets, are increasingly opting for cheaper private-label products over higher-priced branded items.
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