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Chocolate maker Ferrero has agreed to buy cereal giant WK Kellogg
in a deal valued at $3.1 billion, the companies announced Thursday.
Shares of WK Kellogg soared 30% in premarket trading on the announcement. Excluding Thursday’s stock move, shares have fallen more than 2% this year, dragging the company’s market value down to about $1.5 billion. The $23 per-share purchase price represents a 31% premium above the stock’s closing price on Wednesday.
The deal is expected to close in the latter half of the year, pending approval from shareholders and regulators.
