WK KELLOGG CO acquired by THE FERRERO GROUP

Ferrero Group has entered into a definitive agreement to acquire the entire issued share capital of WK Kellogg Co via an all-cash transaction. Under the terms of the agreement, shareholders will receive a cash consideration per share that represents a significant premium of approximately 40% over the company's 30-day volume-weighted average price (VWAP). The acquisition facilitates the delisting of WK Kellogg Co from the New York Stock Exchange, returning the business to private family ownership under the Ferrero umbrella. Strategically, this transaction marks Ferrero's entry into the North American breakfast category, complementing its existing strength in snacking and treats. It allows Ferrero to capture a new consumption occasion ("the morning meal") while significantly bolstering its industrial scale and leverage with major North American retailers through the addition of high-volume, staple grocery brands.

By taking control of Wk Kellogg Co, The Ferrero Group continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Michel Et Augustin in 2023.