Mars to acquire the Kellanova family of snack food brands

Handlen forener to ikoniske virksomheder, der supplerer hinanden og har porteføljer af populære mærker

Det gør det muligt for Mars yderligere at forme fremtiden for snacks og betjene flere forbrugere globalt

Kellanovas aktionærer vil modtage 83,50 USD kontant pr. aktie

Det er et stærkt kulturelt match, der forener to værdibaserede og formålsdrevne virksomheder

McLean, Virginia og Chicago, Illinois, USA (14. august 2024) – Mars, Incorporated, en familieejet, globalt førende virksomhed inden for kæledyrspleje, snacks og mad, og Kellanova (NYSE: K), en førende virksomhed inden for globale snacks, internationale morgenmadsprodukter og nudler, nordamerikanske plantebaserede fødevarer og frosne morgenmadsprodukter, har i dag bekendtgjort, at de har indgået en endelig aftale, hvor Mars har indvilliget i at opkøbe Kellanova for 83,50 USD kontant pr. aktie til en samlet værdi af 35,9 milliarder USD, inklusive formodet nettogearing.¹ Handelsprisen repræsenterer en præmie på cirka 44 % i forhold til Kellanovas upåvirkede volumenvægtede gennemsnitspris over de seneste 30 handelsdage og en præmie på cirka 33 % i forhold til Kellanovas upåvirkede 52-ugers højeste kurs pr. 2. august 2024. Det samlede vederlag repræsenterer en opkøbsmultipel på 16,4x LTM-justeret EBITDA pr. 29. juni 2024.

Kellanova står bag ikoniske snackbrands, herunder Pringles®, Cheez-It®, Pop-Tarts®, Rice Krispies Treats®, NutriGrain® og RXBAR® samt populære fødevarebrands, herunder Kellogg’s® (international), Eggo® og MorningStar Farms®. Kellanova har rødder, der går mere end 100 år tilbage, og har altid stået for kvalitet og innovation. Kellanova havde en nettoomsætning i 2023 på mere end 13 milliarder dollars med tilstedeværelse på 180 markeder og med cirka 23.000 ansatte.

Kellanovas portefølje supplerer den eksisterende Mars-portefølje, der omfatter snack- og konfekturebrands som SNICKERS®, M&M'S®, TWIX®, DOVE® og EXTRA® samt KIND® og Nature's Bakery® i milliardklassen. Mars har også 10 brands inden for kæledyrspleje med et salg på over 1 milliard USD, herunder ROYAL CANIN®, VCA®, PEDIGREE®, BANFIELD®, WHISKAS®, BLUEPEARL®, CESAR®, SHEBA®, ANICURA® og IAMS®. Med over 150.000 medarbejdere i sine kæledyrspleje-, snack- og fødevarevirksomheder havde Mars en nettoomsætning i 2023 på over 50 milliarder USD.

Poul Weihrauch, CEO og en del af den øverste ledelse i Mars, Incorporated, udtaler: "Når vi byder Kellanovas portefølje af voksende globale brands velkommen, har vi en betydelig mulighed for, at Mars kan videreudvikle en bæredygtig snackforretning, der er klar til fremtiden. Vi vil hylde arven og innovationen bag Kellanovas utrolige snack- og fødevarebrands, mens vi kombinerer vores respektive styrker for at give flere valgmuligheder og innovation til forbrugere og kunder. Vi har enorm respekt for det imponerende omdømme, som Kellanova har skabt, og vi ser frem til at byde Kellanova-teamet velkommen."

Steve Cahillane, bestyrelsesformand, præsident og CEO for Kellanova tilføjer: "Det er en virkelig historisk kombination med et overbevisende kulturelt og strategisk match. Kellanova har været på en omstillingsrejse for at blive verdens bedste snackvirksomhed, og når vi har sluttet os til Mars, bliver det muligt for os at fremskynde realiseringen af vores fulde potentiale og vores vision. Handlen maksimerer aktionærværdien gennem en kontanthandel til en attraktiv købspris og skaber nye og spændende muligheder for vores medarbejdere, kunder og leverandører. Vi er spændte på Kellanovas næste kapitel som en del af Mars, der samler begge virksomheders talent og evner i verdensklasse samt vores fælles engagement i at hjælpe vores fællesskaber med at trives. Med fremvisning af en række fine resultater indenfor bæredygtig pleje og vækst af opkøbte virksomheder er vi sikre på, at Mars er et naturligt tilhørssted for Kellanovas brands og medarbejdere."

Snacks er en omfattende, attraktiv og holdbar kategori, der fortsætter med at vokse i betydning hos forbrugerne. Når handlen er afsluttet, vil Kellanova være en del af Mars Snacking, ledet af Global President Andrew Clarke og med hovedkontor i Chicago. Det giver Mars mulighed for at levere endnu flere af vores populære brands til forbrugere over hele verden. Mars vil anvende sin dokumenterede brandbuilding-tilgang for yderligere at pleje og udvikle Kellanovas brands. Herunder fremskynde innovation for at imødekomme forbrugernes skiftende smag og præferencer, investere lokalt for at udvide målgruppen og introducere sundere ernæringsvalg for at imødekomme forbrugernes skiftende behov.

Andrew Clarke, Global President for Mars Snacking, siger: "Det er en spændende mulighed for at skabe en bredere og mere global snackvirksomhed, der giver både Kellanova og Mars Snacking mulighed for at opnå deres fulde potentiale.

Kellanova og Mars har begge en lang historie bag sig indenfor opbygning af globalt anerkendte og populære brands. Kellanovas brands udvider vores snackplatform betydeligt, og det gør det muligt for os at imødekomme forbrugernes behov endnu mere effektivt og fremme rentabel forretningsvækst. Vores supplerende porteføljer, go-to-market-strategier samt forsknings- og udviklingskapaciteter vil frigøre forbedret forbrugercentreret innovation til at forme fremtiden for ansvarligt snackforbrug."

Handlen fremmer den strategiske vision for fremtidens snacks

Vi fremskynder ambitionen om at fordoble Mars Snacking i det næste årti, der er i tråd med de globale tendenser i forbrugerefterspørgslen. Opkøbet af Kellanova giver Mars Snacking adgang til nye attraktive snackkategorier. Det vil tilføje to nye brands – Pringles® og Cheez-It® – i milliard-dollarklassen til Mars-forretningen, der i dag allerede omfatter 15 brands i milliarddollar-klassen. Det vil også udvide Mars' sundheds- og velvære-snackportefølje med tilføjelsen af nye komplementære produkter som RXBAR® og NutriGrain®, der afspejler globale tendenser og præferencer. Med denne handel kan Mars udvide sit engagement i at fremme trivsel gennem en udvidet global målgruppe og en diversificeret produktportefølje for at imødekomme forbrugernes skiftende smag og krav.
Vi forbedrer porteføljen med tilføjelsen af unikke, kategoriførende og voksende brands. Kellanovas differentierede brandportefølje er kendetegnet ved sin unikke karakter, der sikrer, at virksomheden er kategoriførende og leverer dynamiske platforme til fremtidig vækst. De fleste af Kellanovas snackbrands overgår konkurrenterne i samme kategori, især blandt generation Z- og millennial-forbrugere.
Vi leverer en stærkere og mere differentieret portefølje og distributionsplatform til vigtige internationale markeder. Kellanovas globalt anerkendte portefølje omfatter populære og voksende brands med uudnyttet potentiale. Den kombinerede portefølje vil være velegnet til at imødekomme forbrugernes efterspørgsel af en række smagsvarianter og prisniveauer i hurtigt voksende områder, herunder Afrika og Latinamerika, gennem komplementære markedsføringskanaler, forsyningskæder og lokale virksomheder.
Forener talent i verdensklasse med førende brandbuilding-erfaring. Både Mars og Kellanova har porteføljer af nogle af verdens mest ikoniske brands, som alle er blevet udviklet og plejet af de dygtigste medarbejdere med stor ekspertise. Mars' overtagelse af Kellanova vil gøre det muligt for hver virksomheds talentfulde medarbejdere at udnytte større samlede ressourcer og professionelle udviklingsmuligheder. Især når man tager det bredere brandsortiments komplementære karakter i betragtning.
Vi kombinerer komplementære kapaciteter for at frigøre vækst og forbrugercentreret innovation. Tilføjelsen af Kellanovas forsknings- og udviklingskapaciteter vil gøre det muligt for den samlede virksomhed at dele bedste praksis inden for brandbuilding, levere forbedrede digitale kapaciteter, udnytte komplementære kanalstyrker og fremme mærkeøkosystemer- og fordybelse.
Vi forbedrer den positive samfundsmæssige effekt af stærke bæredygtighedsindsatser. Kellanova har en lang historie med socialt og miljømæssigt lederskab, herunder initiativet "Better Days Promise", der supplerer Mars' Sustainable in a Generation Plan. Den har leveret konkrete fremskridt, hvilket fremgår af den seneste bæredygtighedsrapport, der dokumenterede en stærk adskillelse af forretningsvækst og udledning af drivhusgasser. Kellanova vil også blive en del af Mars' energineutrale forpligtelse og tilpasse sig Mars' ansvarlige markedsføringskodeks.

¹ Det omfatter 784 millioner dollars af udestående tilgodehavender.

Handelsoplysninger

I henhold til aftalens vilkår vil Mars opkøbe al udestående egenkapital i Kellanova for 83,50 USD pr. aktie kontant, hvilket repræsenterer en samlet virksomhedsværdi på 35,9 milliarder USD. Alle Kellanovas brands, aktiver og drift, herunder deres snackbrands, portefølje af internationale morgenmadsprodukter og nudler, nordamerikanske plantebaserede fødevarer og frossen morgenmad, er omfattet af handlen.

Mars har til hensigt at finansiere opkøbet fuldt ud gennem en kombination af likvide beholdninger og ny gæld, for hvilke forpligtelserne er sikret.

Aftalen er enstemmigt godkendt af Kellanovas bestyrelse. Handlen er underlagt godkendelse af Kellanovas aktionærer og andre sædvanlige betingelser til lukning af handlen, herunder myndighedsgodkendelser, og forventes afsluttet i første halvdel af 2025. Handelsaftalen tillader Kellanova at erklære og udbetale kvartalsvise udbytter i overensstemmelse med historisk praksis før transaktionens afslutning.

W.K. Kellogg Foundation Trust og Gund-familien har indgået aftaler, hvori de har forpligtet sig til at stemme for aktier, der repræsenterer 20,7 % af Kellanovas almindelige aktier pr. 9. august 2024, til fordel for handlen.

Efter lukningen vil Battle Creek, MI forblive et centralt sted for den samlede organisation.

Rådgivere

Citi fungerer som økonomisk rådgiver for Mars. J.P. Morgan og Citi har givet Mars økonomisk støtte til handlen. Skadden, Arps, Slate, Meagher & Flom LLP fungerer som juridisk rådgiver for Mars i forbindelse med opkøbet, mens Simpson Thacher & Bartlett LLP yder juridisk rådgivning vedrørende gældsfinansieringen. Cravath, Swaine & Moore LLP fungerer som økonomisk rådgiver for J.P. Morgan og Citi. Goldman Sachs fungerer som økonomisk rådgiver for Kellanova. Lazard fungerer som økonomisk rådgiver for Kellanovas bestyrelse. Kirkland & Ellis LLP fungerer som juridisk rådgiver for Kellanova.

En dedikeret hjemmeside med løbende information om handlen er tilgængelig på futureofsnacking.com(Åbner et nyt vindue).

Mediefiler

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Kontakter

Mars

Mediekontakt
FGS Global for Mars
Kal Goldberg/Jenny Gore/Lindsay Molk
kal.goldberg@fgsglobal.com /jenny.gore@fgsglobal.com /lindsay.molk@fgsglobal.com

Kellanova

Medier
Mediehotline, 269-961-3799
Media.Hotline@kellanova.com

Investorer
John Renwick, CFA
269-961-9050

Brunswick Group for Kellanova
Jayne Rosefield/Monica Gupta/Matt Dowe
jrosefield@brunswickgroup.com /mgupta@brunswickgroup.com /mdowe@brunswickgroup.com

About Mars, Incorporated

Mars, Incorporated is driven by the belief that the world we want tomorrow starts with how we do business today. As a global, family-owned business, Mars is transforming, innovating, and evolving to make a positive impact on the world. Across our diverse and expanding portfolio of quality snacking, food, and pet care products and services, we employ 150,000+ dedicated Associates. With more than $50 billion in annual sales, we produce some of the world’s best-loved brands including Ben’s Original™, CESAR®, Cocoavia®, DOVE®, EXTRA®, KIND®, M&M’s®, SNICKERS®, PEDIGREE®, ROYAL CANIN®, and WHISKAS®. We are creating A Better World for Pets through our global network of pet hospitals and diagnostic services – including AniCura, BANFIELD™, BLUEPEARL™, Linnaeus and VCA™ – using cutting edge technology to develop breakthrough programs in genetic health screening and DNA testing.

For more information about Mars, please visit www.mars.com. Join us on Facebook(Åbner et nyt vindue), Instagram(Åbner et nyt vindue), LinkedIn(Åbner et nyt vindue) and YouTube(Åbner et nyt vindue).

About Kellanova

Kellanova (NYSE: K) is a leader in global snacking, international cereal and noodles, and North America frozen foods with a legacy stretching back more than 100 years. Powered by differentiated brands including Pringles®, Cheez-It®, Pop-Tarts®, Kellogg's Rice Krispies Treats®, RXBAR®, Eggo®, MorningStar Farms®, Special K®, Coco Pops®, and more, Kellanova’s vision is to become the world's best-performing snacks-led company, unleashing the full potential of our differentiated brands and our passionate people. Our Net Sales for 2023 were $13 Billion.

At Kellanova, our purpose is to create better days and ensure everyone has a seat at the table through our trusted food brands. We are committed to promoting sustainable and equitable food access by tackling the crossroads of hunger, sustainability, wellbeing, and equity, diversity & inclusion. Our goal is to create Better Days for 4 billion people by the end of 2030 (from a 2015 baseline). For more detailed information about our commitments, our approach to achieving these goals, and methodology, please visit our website at https://www.Kellanova.com(Åbner et nyt vindue).

Forward-Looking Statements

This press release, and any related oral statements, includes statements that are forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed acquisition (the “Merger”) of Kellanova (the “Company”) by Mars, Incorporated, stockholder and regulatory approvals, the expected timetable for completing the Merger, expected benefits of the Merger and any other statements regarding the Company’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: failure to obtain the required vote of the Company’s stockholders in connection with the Merger; the timing to consummate the Merger and the risk that the Merger may not be completed at all or the occurrence of any event, change, or other circumstances that could give rise to the termination of the merger agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the merger agreement; the risk that the conditions to closing of the Merger may not be satisfied or waived; the risk that a governmental or regulatory approval that may be required for the Merger is not obtained or is obtained subject to conditions that are not anticipated; potential litigation relating to, or other unexpected costs resulting from, the Merger; legislative, regulatory, and economic developments; risks that the proposed transaction disrupts the Company’s current plans and operations; the risk that certain restrictions during the pendency of the proposed transaction may impact the Company’s ability to pursue certain business opportunities or strategic transactions; the diversion of management’s time on transaction-related issues; continued availability of capital and financing and rating agency actions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company’s common stock, credit ratings or operating results; and the risk that the proposed transaction and its announcement could have an adverse effect on the ability to retain and hire key personnel, to retain customers and to maintain relationships with business partners, suppliers and customers. The Company can give no assurance that the conditions to the Merger will be satisfied, or that it will close within the anticipated time period.

All statements, other than statements of historical fact, should be considered forward-looking statements made in good faith by the Company, as applicable, and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this communication, or any other documents, words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “objective,” “plan,” “project,” “seek,” “strategy,” “target,” “will” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the beliefs and assumptions of management at the time that these statements were prepared and are inherently uncertain. Such forward-looking statements are subject to risks and uncertainties that could cause the Company’s actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties, as well as other risks and uncertainties that could cause the actual results to differ materially from those expressed in the forward-looking statements, are described in greater detail under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 30, 2023 filed with the United States Securities and Exchange Commission (the “SEC”) and in any other SEC filings made by the Company. The Company cautions that these risks and factors are not exclusive. Management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements or present or prior earnings levels. Forward-looking statements speak only as of the date of this communication, and, except as required by applicable law, the Company does not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

Additional Information about the Proposed Merger and Where to Find It

A meeting of stockholders of the Company will be announced as promptly as practicable to seek Company stockholder approval in connection with the Merger. The Company intends to file a preliminary and definitive proxy statement, as well as other relevant materials, with the SEC relating to the Merger. Following the filing of the definitive proxy statement with the SEC, the Company will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the Merger. This communication is not intended to be, and is not, a substitute for the proxy statement or any other document that the Company expects to file with the SEC in connection with the Merger. THE COMPANY URGES INVESTORS TO READ THE PRELIMINARY AND DEFINITIVE PROXY STATEMENTS AND THESE OTHER MATERIALS FILED WITH THE SEC OR INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE MERGER. Any vote in respect of resolutions to be proposed at the Company’s stockholder meeting to approve the Merger or other responses in relation to the Merger should be made only on the basis of the information contained in the proxy statement. Investors will be able to obtain free copies of the proxy statement (when available) and other documents that will be filed by the Company with the SEC at www.sec.gov(Åbner et nyt vindue), the SEC’s website, or from the Company’s website (https://investor.Kellanova.com(Åbner et nyt vindue)). In addition, the proxy statement and other documents filed by the Company with the SEC (when available) may be obtained from the Company free of charge by directing a request to Investor Relations at https://investor.Kellanova.com(Åbner et nyt vindue).

No Offer or Solicitation

This press release is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

The Company, its directors and certain of its officers and employees, may be deemed to be participants in the solicitation of proxies from Company stockholders in connection with the Merger. Information about the Company’s directors and executive officers is set forth under the captions “Proposal 1–Election of Directors,” “Corporate Governance,” “Board and Committee Membership,” “2023 Director Compensation and Benefits,” “Directors’ Compensation Table,” “Compensation and Talent Management Committee Report–Compensation Discussion and Analysis,” “Executive Compensation,” “Retirement and Non-Qualified Defined Contribution and Deferred Compensation Plans,” “Potential Post-Employment Payments,” “Pay versus Performance,” “CEO Pay Ratio” and "Stock Ownership–Officer and Director Stock Ownership" sections of the definitive proxy statement for the Company’s 2024 annual meeting of shareowners, filed with the SEC on March 4, 2024, under the caption “Executive Officers” of Item 1 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed with the SEC on February 20, 2024, in the Company’s Current Reports on Form 8-K filed with the SEC on January 12, 2024, February 22, 2024, and May 1, 2024 and in the Company’s January 12, 2024 press release found on its Investor Relations page at https://investor.Kellanova.com, relating to the appointment of President Kellanova North America and President, Kellanova Latin America. Additional information regarding ownership of the Company’s securities by its directors and executive officers is included in such persons' SEC filings on Forms 3 and 4. These documents may be obtained free of charge at the SEC’s web site at www.sec.gov and on the Investor Relations page of the Company’s website located at https://investor.Kellanova.com. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Merger will be included in the proxy statement that the Company expects to file in connection with the Merger and other relevant materials the Company may file with the SEC.