Mars to buy Cheez-It, Pringles maker Kellanova in mega $36 bln deal

Family-owned candy giant Mars, whose brands include M&M’s and Snickers, said on Wednesday it would buy Cheez-It and Pringles maker Kellanova (K.N), opens new tab in a nearly $36 billion deal, making it the biggest buyout in the packaged food industry.

Mars will pay $83.50 per share in an all-cash deal for Kellanova (K.N), opens new tab, representing about 33% premium to its closing price on Aug. 2 before Reuters first reported that Mars was exploring a deal for the Pringles maker.