Deals
General Mills to Buy Blue Buffalo Pet Food for $8 Billion
- Company expands in pet care as consumers seek natural brands
- Blue Buffalo has grown 12 percent annually in past three years
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General Mills Inc. agreed to buy Blue Buffalo Pet Products Inc. for about $8 billion, adding the maker of natural dog and cat food to a portfolio that includes Haagen-Dazs ice cream and Cheerios cereal.
The company plans to pay $40 a share for Blue Buffalo, which sells products like “antioxidant-rich” dog nutrition and cat food under brands such as Blue Life Protection Formula, Blue Wilderness and Blue Basics. That’s a 17 percent premium from Thursday’s closing price.