Sunday, May 24th13.7°C
25936

Post Holdings to acquire Michael Foods for $2.45 billion to expand range of food products

ST. LOUIS - Cereal maker Post Holdings Inc. is buying fellow packaged food maker Michael Foods Inc. in a $2.45 billion deal that will expand Post's range of products.

Privately held Michael Foods makes a variety of egg, potato and dairy products. Its brands include Papetti's, Crystal Farms and Simply Potatoes. It is based in Minnetonka, Minnesota.

St. Louis-based Post says Michael will keep operating independently under current management.

Post also makes nutrition drinks and a variety of store brand products including pasta and peanut butter.

Post plans to fund the acquisition with debt and cash on hand. It also plans to raise up to $500 million with a stock sale.

Michael Foods is owned by an investor group that includes GS Capital Partners, Thomas H. Lee Partners and members of the company's management.

The Canadian Press


Read more Business News

26404


Recent Trending




Today's Market
S&P TSX15200.76-2.85
S&P CDNX703.48+2.97
DJIA18232.02-53.72
Nasdaq5089.36-1.43
S&P 5002126.06-4.76
CDN Dollar0.8142-0.0053
Gold1205.70+1.30
Oil57.45-1.98
Lumber273.30+3.70
Natural Gas2.885-0.064

 
Okanagan Companies
Pacific Safety0.13-0.01
Knighthawk0.010.00
QHR Technologies Inc1.48+0.03
Cantex0.03-0.01
Anavex Life Sciences0.425+0.053
Metalex Ventures0.09+0.01
Russel Metals25.79-0.03
Copper Mountain Mining1.38-0.03
Colorado Resources0.105+0.005
ReliaBrand Inc0.0048-0.0049
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation2.20+0.60

 



26388

FEATURED Property
2252752944 Mt Grady
4 bedrooms 3 baths
$529,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...


Squaring the circle

Photo: Thinkstock.comI have been reading about market segmentation and choice. Howard Moskowitz’s research into tomato sauce as retold by Malcom Gladwell on the TED talks (http://www.ted.com/tal...

_



26363

26418


Member of BC Press Council


25334