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Kellanova Co. (K): $80.29
Market Cap: $27.31 B
Deal Size: $35.9 B
Out of the five new deals announced this week, we decided to focus on the largest one in the consumer packaged goods (CPG) industry. On August 14, 2024, family-owned candy giant Mars, Incorporated— known for brands like M&M’s and Snickers — entered into a definitive merger agreement to acquire Kellanova Co. (K), the maker of Cheez-It and Pringles among many other brands, for $35.9 billion in cash, including debt.
Under the terms of the agreement, Mars will acquire all outstanding equity of Kellanova for $83.50 per share in cash. This represents a 12.08% premium over Kellanova’s last closing stock price and an almost 33% premium from when reports of the proposed deal first started circulating.