Family-owned candy giant Mars, Incorporated, known for brands like M&M’s and Snickers, on August 14, 2024, entered a definitive merger agreement to acquire Kellanova Co. (K), the maker of Cheez-It and Pringles, for $35.9 billion in cash, including debt, making it the largest deal in the packaged food industry.
Under the terms of the agreement, Mars will acquire all outstanding equity of Kellanova for $83.50 per share in cash, representing a premium of 12.08% from the stock’s last close, and an almost 33% premium from when reports of the proposed deal were making rounds.