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Kellogg Company (K)

  • Mon, Mar. 2, 7:54 AM
  • Mon, Jan. 12, 3:23 AM
    • After private equity firm Abraaj pulled its offer for Bisco Misr on Dec. 31, the bidding period for the Egyptian biscuitmaker ended Sunday with Kellogg (NYSE:K) as the only suitor.
    • The bidding war between the two drove up the offer price by over 20%.
    • As of yesterday, shareholders controlling 86% of the company have agreed to sell their shares to Kellogg for a total of $125M.
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  • Dec. 31, 2014, 2:59 AM
    • The UAE's Abraaj Investment Management is pulling out of a bidding war with Kellogg (NYSE:K) for the Egypt's Bisco Misr.
    • Abraaj did not give a reason for its withdrawal from the bidding process, but said the orderly and transparent process had underlined growing investor interest in Egypt.
    • Kellogg was the last to place a bid for the snack maker, offering 89.86 EGP per share - for a total purchase price of $144M.
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  • Dec. 28, 2014, 11:01 AM
    • Egypt's financial regulator has extended the bidding period for Bisco Misr until Jan. 11, intensifying a $144M takeover battle between Kellogg (NYSE:K) and the UAE's Abraaj Investment Management.
    • Kellogg raised its bid for the Egyptian snack maker on Wednesday to 89.86 EGP per share following an earlier offer of 88.09 from Abraaj.
    • The battle has so far driven up the bid price by more than a fifth from Abraaj's opening gambit of 73.91 EGP/share.
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  • Dec. 18, 2014, 4:35 AM
    • In the next bidding battle for Bisco Misr, Kellogg (NYSE:K) has raised its bid to 86.36 EGP per share, topping a rival offer from the UAE's Abraaj Investment Management, which increased its previous offer by 2%.
    • Previously: Bisco Misr bidding war continues (Nov. 30 2014)
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  • Nov. 30, 2014, 9:23 AM
    • Intensifying a bidding war with the UAE's Abraaj Investment Management, Kellogg (NYSE:K) has raised its offer for Egyptian cake and biscuit maker Bisco Misr again.
    • The world's biggest breakfast cereal maker upped its bid to 82.2 EGP ($11.50) per share today, topping Abraaj's previous offer of 80.58 EGP ($11.27).
    • Earlier this month, Abraaj offered 73 EGP per share, which Kellogg countered last week with 79 EGP.
    • Previously: Bisco Misr bidding war heats up
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  • Nov. 26, 2014, 9:44 AM
    • Abraaj has raised its bid for Bisco Misr to 80.58 EGP per share, announcing a $130M offer for the Egyptian cake and biscuit maker.
    • The UAE investment company's initial bid of 73 EGP per share earlier this month was topped this morning by Kellogg's (K -0.5%) offer of 79 EGP/share.
    • Previously: Kellogg makes offer for Egypt's Bisco Misr
    | 1 Comment
  • Nov. 26, 2014, 6:40 AM
    | 1 Comment
  • Nov. 20, 2014, 6:55 AM
    • Kellogg (NYSE:K) says it will make an offer for Bisco Misr after completing its due diligence process.
    • The Egyptian food maker already has an offer on the table from Abraaj Group at $119M.
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  • Oct. 2, 2014, 6:55 PM
    • Kellogg (NYSE:K) CEO John A. Bryant is planning to meet in London with British snack/cookie maker United Biscuits about a ~£2B ($3.2B) acquisition, the WSJ reports.
    • At the same time, United is said to be prepping IPO documents, thus giving P-E owners Blackstone and PAI Partners a second exit strategy. Blackstone and PAI bought United for £1.6B in 2006.
    • United had 2013 sales of £1.1B, and claims a quarter of the British cookie market. However, growth has been weak in recent years.
    • K -0.4% AH.
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  • Sep. 22, 2014, 3:00 PM
    • Kellogg (K -0.6%) is one of the first round bidders for United Biscuits, sources tell The Wall Street Journal.
    • The Ontario Teachers' Pension Plan and Turkish firm Ulker Biskuvi Sanayi AS were also involved in the bidding for the private equity-owned food company.
    • The offer prices for United Biscuits is reported to be in the neighborhood of $3.27B.
    | 1 Comment
  • Aug. 6, 2014, 3:24 PM
    • Kellogg (K +2.5%) is considering an offer for United Biscuits in the £2B range ($3.37B), according to reports from the U.K.
    • Sources indicate the company is working with Barclays on how to structure an offer.
    • The acquisition could give Kellogg new growth channels.
    • United Biscuits is held by P-E firms Blackstone Group and PAI Partners.
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  • Jun. 3, 2014, 3:28 PM
    • A takeover of Kellogg (K -0.1%) is no easy feat after shares rose 8% over the last month on merger buzz, notes The New York Times.
    • The company carries around $7.4B in debt which limits the attraction of a straight leveraged buyout.
    • If a buyer wants to snap up the consumer products company it might have to utilize the same strategy that Warren Buffett did with his Heinz acquisition in lining up a P-E partner with a patient long-term vision.
  • May. 27, 2014, 7:28 AM
    • A $6.4B offer by Pilgrim Pride's (PPC) to buy Hillshire Brands (HSH) could rattle the food sector.
    • For starters, the deal could spoil Hillshire's offer on the table to buy Pinnacle Foods (PF).
    • The quick analyst take on a PPC-HSH combination is favorable with the companies focused in different areas (chicken vs. packaged meat) which could lead to easy access to new distribution channels.
    • Premarket: HSH +22.9% to $45.49, PF -5.3% to $31.50.
    • Also on merger watch in the food sector: THS, SJM, GIS, KRFT, CPB, ADM, BGS, RAH, HAIN, K CAG
  • May. 12, 2014, 7:13 AM
    • A merger between Hillshire Brands and Pinnacle Foods could kickstart the consolidation frenzy in the food industry analysts have been forecasting.
    • The sector has been tapped to see a high rate of mergers and buyouts due to the significant synergies that could be unleashed through combinations.
    • On watch: THS, SJM, GIS, KRFT, CPB, ADM, BGS, RAH, HAIN, K, CAG
    | 1 Comment
  • Sep. 9, 2012, 4:12 AM
    Kellogg (K) and KKR are among the companies interested in bidding for United Biscuits' KP snacks unit, which could be worth £500M, Bloomberg reported yesterday. KP was spun off this year from United Biscuits' owners, Blackstone (BX) and PAI Partners. Documents are due to be sent this week.
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Company Description
Kellogg Co and its subsidiaries are involved in the manufacture and marketing of ready-to-eat cereal and convenience foods.