Mars to spend BILLONS on Pringles and Pop-Tarts maker
Mars has agreed to buy Kellanova, maker of several popular snack and breakfast brands, in a $36 billion deal that would be one of the snack food industry’s biggest acquisitions.
Kellanova, formerly known as Kellogg Co., owns several well-known brands, including Cheez-It, Pop-Tarts, Pringles, NutriGrain and Eggo. Under the deal, which requires the approval of Kellanova’s shareholders, Mars would pay $83.50 per share, or almost $29 billion. Mars would also take on Kellanova’s outstanding debt, bringing the agreement’s total value to about $35.9 billion.
Get a curated selection of 10 of our best stories in your inbox every weekend.That’s roughly a 33 percent premium to Kellanova’s stock price as of Aug. 2, shortly before news of a possible deal was reported by the Wall Street Journal.
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