Why Kellanova Stock Is Soaring Again Today
Shares of global snack company Kellanova (NYSE: K) are soaring on Wednesday, just a little over a week after the last time they soared. This is usually a sleepier stock, but today, a rumor was confirmed: Mars plans to buy the company for $35.9 billion. And that's why Kellanova stock was up almost 8% at 10:30 a.m. ET.
In October, Kellogg Company spun off its North American cereal business as WK Kellogg, and the remaining brands and geographies became Kellanova. Management said that this would create a higher-growth snack business more attractive to investors. And apparently, it was attractive to privately held Mars as well.
Mars -- parent company to snack brands such as Snickers and Skittles -- intends to acquire Kellanova for $83.50 per share. As of this writing, that represents about 4% more upside for Kellanova stock.
Source Fool.com
