Confectionery Giant Mars To Acquire Cheez It Parent Kellanova In $35.9B Deal
Confectionery Giant Mars To Acquire Cheez It Parent Kellanova In $35.9B Deal
Mars plans to finance the acquisition with a mix of cash reserves and new debt, with commitments already secured.Kellanova (NYSE:K) shares are trading higher on Wednesday after Mars, Inc. agreed to acquire the company for $83.50 per share, valuing it at $35.9 billion, including assumed net leverage.
Mars公司同意以每股83.50美元的价格收购Kellanova（纽交所：K）股票，其价值包括承担的净杠杆，总数达359亿美元，该股票正处于高位。股票交易价格高于其30日平均交易价格44％，并高于其2024年8月2日的52周高位33％。
The transaction price of $83.50 per share for Kellanova reflects a 44% premium over its 30-day average trading price and a 33% premium over its 52-week high as of August 2, 2024.
以83.50美元/股的交易价格计，对于Kellanova而言，反映了其过去30天已调整的平均交易价格的44％溢价，以及截至2024年6月29日作为其52周高点的33％溢价。
The deal values Kellanova at 16.4 times its last twelve months adjusted EBITDA as of June 29, 2024.
该交易以Kellanova 过去12个月的调整后的EBITDA为基础的16.4倍估值。
Mars plans to finance the acquisition with a mix of cash reserves and new debt, with commitments already secured.
Mars计划通过现金储备和新增债务进行收购，已经拥有承诺。
The acquisition includes all of Kellanova's brands, assets, and operations, covering its snacking brands, international cereal and noodles, North American plant-based foods, and frozen breakfast products.
本次收购包括Kellanova的所有品牌、资产和运营，涵盖小吃品牌、国际麦片和面条、北美植物性食品以及冷冻早餐产品。
The Kellanova Board of Directors has unanimously approved the agreement. The transaction, pending shareholder and regulatory approvals, is expected to close in the first half of 2025.
Kellanova的董事会已经一致同意该协议。该交易预计将于2025年上半年完成，需股东和监管机构批准。
Kellanova is allowed to declare and pay quarterly dividends as usual before the transaction closes.
在交易完成之前，Kellanova可以按照惯例宣布并支付季度股息。
Notably, in October 2023, Kellanova, which has the global snacking, international cereal and noodles, plant-based foods, and North American frozen breakfast business, completed its separation from WK Kellogg Co (NYSE:KLG).
值得注意的是，在2023年10月，拥有全球小吃、国际麦片和面条、北美植物性食品和冷冻早餐业务的Kellanova公司已经与Wk Kellogg Co（纽交所：KLG）分离。
Kellanova's portfolio, including brands like Pringles and Cheez-It, will complement Mars' existing brands, such as SNICKERS, M&M'S, and KIND, as well as its pet care brands, including ROYAL CANI and PEDIGREE.
Kellanova的组合包括像Pringles和Cheez-It这样的品牌，将补充Mars既有品牌，例如SNICKERS，M&M'S和KIND，以及其宠物护理品牌，包括ROYAL CANI和PEDIGREE。
Steve Cahillane, Chairman, President and CEO of Kellanova, added, "This is a truly historic combination with a compelling cultural and strategic fit. Kellanova has been on a transformation journey to become the world's best snacking company, and this opportunity to join Mars enables us to accelerate the realization of our full potential and our vision."
Kellanova 监事会董事长、总裁兼CEO Steve Cahillane补充道：“这是一次真正历史性的组合，具有引人入胜的文化和战略契合。 Kellanova 正处于变革之旅中，力求成为世界上最好的小吃公司，加入 Mars 的机会使我们能够加速实现我们的全部潜力和愿景。”
"The transaction maximizes shareholder value through an all-cash transaction at an attractive purchase price and creates new and exciting opportunities for our employees, customers, and suppliers."
“该交易通过以有吸引力的购买价格进行全现金交易最大化了股东价值，并为我们的员工、客户和供应商创造了新的令人兴奋的机会。”
Andrew Clarke, Global President of Mars Snacking, commented, "This is an exciting opportunity to create a broader, global snacking business, allowing Kellanova and Mars Snacking to both achieve their full potential. Kellanova and Mars share long histories of building globally recognized and beloved brands. The Kellanova brands significantly expand our Snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth."
Mars小吃品全球总裁Andrew Clarke表示：“这是一个令人兴奋的机会，可以打造一个更广泛、更全球的小吃业务，使Kellanova和Mars Snacking都能实现其全部潜力。Kellanova和Mars共享构建全球公认和心爱品牌的长期历史。 Kellanova 品牌极大地扩展了我们的小吃平台，使我们能够更有效地满足消费者的需求并推动盈利业务增长。”
The W.K. Kellogg Foundation Trust and the Gund Family have committed to vote shares representing 20.7% of Kellanova's common stock in favor of the transaction as of August 9, 2024.
截至2024年8月9日，W.k. Kellogg 基金会信托和 Gund 家族已承诺投票支持Kellanova普通股的20.7％，以支持交易。
Investors can gain exposure to the stock via First Trust Nasdaq Food & Beverage ETF (NASDAQ:FTXG) and iShares Emergent Food and AgTech Multisector ETF (NASDAQ:IVEG).
投资者可以通过First Trust Nasdaq食品饮料ETF （纳斯达克：FTXG）和iShares Emergent食品和AgTech多区域ETF (纳斯达克:IVEG)获取该股票。
Price Action: K shares are up 7.54% at $80.12 premarket at the last check Wednesday.
K股票价格在上周三最后一次检查时预市上涨7.54%，至每股80.12美元。
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Photo courtesy: Kellanova
图片提供：Kellanova
