Date:	--/--/-- --:--:--
Event Id:	E55TA4MF7
Action Type:	ACQUISITION
Action Status:	ANNOUNCED
Acquirer Symbol:
Target Symbol:	K
Updated:	--/--/-- --:--:--
Purchase Price Per Share:	83.5
Price Per Share Currency:	USD
News References:	https://www.sec.gov/Archives/edgar/data/55067/000119312524226970/d893453ddefm14a.htm

Action Notes

Mars, Incorporated a family-owned, global leader in pet care, snacking and food, and Kellanova (NYSE: K), a leading company in global snacking, international cereal and noodles, North American plant-based foods and frozen breakfast foods, today announced that they have entered into a definitive agreement under which Mars has agreed to acquire Kellanova for $83.50 per share in cash, for a total consideration of $35.9 billion, including assumed net leverage.1 The transaction price represents a premium of approximately 44% to Kellanova's unaffected 30-trading day volume weighted average price and a premium of approximately 33% to Kellanova's unaffected 52-week high as of August 2, 2024. The total consideration represents an acquisition multiple of 16.4x LTM adjusted EBITDA as of June 29, 2024. The agreement has been unanimously approved by the Board of Directors of Kellanova. The transaction is subject to Kellanova shareholder approval and other customary closing conditions, including regulatory approvals, and is expected to close within the first half of 2025. The transaction agreement permits Kellanova to declare and pay quarterly dividends consistent with historical practice prior to the closing of the transaction. The Kellanova special shareholder meeting to vote on the transaction will be held on 11/01.