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Acquisitions Mergers

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Mars, Inc. is set to acquire Kellanova (NYSE:K) for $35.9 billion, valuing the company at $83.50 per share, a 44% premium over its 30-day average trading price. The deal, which includes all of Kellanova's brands and operations, is expected to close in the first half of 2025, pending shareholder and regulatory approvals. Kellanova shares rose 7.54% premarket following the announcement.

Portfolio Pulse from Lekha Gupta

August 14, 2024 | 12:14 pm

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Winvest Acquisition announced that its Board of Directors has approved a one-month extension for the company to complete an initial business combination, moving the deadline from August 17, 2024, to September 17, 2024.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 11:31 am

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Glazer Capital, which owns 2.50 million shares of Squarespace, opposes the proposed acquisition of Squarespace by Permira Advisers, calling the $44.00 per share offer inadequate. Glazer Capital intends to vote against the transaction at the upcoming special meeting of Squarespace shareholders.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 11:19 am

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Kellanova shares are trading higher following a report suggesting Mars is expected to pay $83.50 per share for the company.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 11:19 am

SQSP

Glazer Capital, which owns 5.4% of Squarespace's minority shares, opposes the $44.00 per share merger offer by Permira Advisers, citing undervaluation and a flawed process. They intend to vote against the acquisition at the upcoming special meeting.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 11:14 am

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Mars will acquire all outstanding equity of Kellanova for $83.50 per share in cash. The deal is expected to close in the first half of 2025.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 11:03 am

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The board of directors of PFG has approved a transaction that is expected to close in calendar year 2025.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 10:50 am

PFGC

The purchase price represents an adjusted EBITDA multiple of 9.9x, including $50M of run-rate synergies.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 10:49 am

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Performance Food Group Company (PFGC) announced a deal to acquire Cheney Bros., Inc. for $2.1 billion in cash.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 10:47 am

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Allstate Corporation (NYSE:ALL) has agreed to sell its Employer Voluntary Benefits business to StanCorp Financial Group for $2 billion in cash. The sale is expected to generate a $600 million gain and increase deployable capital by $1.6 billion. However, Allstate's adjusted net income return on equity is projected to decrease by approximately 100 basis points. The deal is anticipated to close in the first half of 2025. Additionally, Allstate and StanCorp will form a product distribution partnership. Allstate's stock has gained over 60% in the last 12 months, and investors can gain exposure via Invesco KBW Property & Casualty Insurance ETF (NASDAQ:KBWP) and iShares U.S. Insurance ETF (NYSE:IAK).

Portfolio Pulse from Lekha Gupta

August 14, 2024 | 10:44 am