Kellanova (NYSE:K) shares are trading higher on Wednesday after Mars, Inc. agreed to acquire the company for $83.50 per share, valuing it at $35.9 billion, including assumed net leverage. The transaction price of $83.50 per share for Kellanova reflects a 44% premium over its 30-day average trading price and a 33% premium over its 52-week high as of August 2, 2024. The deal values Kellanova at 16.4 times its last twelve months adjusted EBITDA as of June 29, 2024. Mars plans to finance the acquisition with a mix of cash reserves and new debt, with commitments already secured. The acquisition includes all of Kellanova’s brands, assets, and operations, covering its snacking brands, international cereal and noodles, North American plant-based foods, and frozen breakfast products. The Kellanova Board of Directors has unanimously approved the agreement. The transaction, pending shareholder and regulatory approvals, is ...