India, July 10 -- WK Kellogg Co (KLG), a food maker, said on Thursday that it has inked a deal under which Ferrero Group, an Italian maker of branded chocolate and confectionery products, has agreed to acquire KLG for $23 per share in cash, or $3.1 billion.
The shareowners of KLG will receive $23 per share in cash, representing a 40% premium to the 30-day volume-weighted average trading price.
Gary Pilnick, CEO of WK Kellogg, said: "Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market."
The acquisition, to be closed in the second half of 2025, will support Ferrero's portfolio expansion and growth in North America by adding WK Kellogg's high...