Mars to Purchase Snack Maker Kellanova in $36 Billion Deal
- Offer represents a 33% premium over Kellanova’s Aug. 2 price
- Kellanova has outshined rivals since cereal business spinoff
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Mars Inc. agreed to buy Kellanova for nearly $36 billion including debt, bringing together two major food companies in the biggest deal of the year.
Mars will pay $83.50 a share in cash for the maker of Pringles chips and Eggo waffles, the companies said in a statement on Wednesday. The price represents a premium of 33% over Kellanova’s closing price on Aug. 2, the last business day before the talks were initially reported.