WK Kellogg to be acquired by Ferrero for $23.00/share cash; total EV $3.1B

WK Kellogg Co

Ferrero to acquire WK Kellogg for $23.00/share in cash, a 40% premium to 30-day VWAP.
Total enterprise value ~$3.1B; includes iconic cereal brands across US, Canada, Caribbean.
WK Kellogg Board unanimously approved; shareholder vote required; termination date Jan 10, 2026.
Preliminary Q2 net sales $658M, Adjusted EBITDA $83M; closing not conditioned on financing.
Termination fee provisions: WK Kellogg pays $73.5M in certain scenarios; Ferrero pays $105M.

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