Kellogg (K) - Get Report confirmed that it reached an agreement to acquire Keebler Foods( KBL) for $42 a share.
The purchase price would value the acquisition at $3.57 billion.
Kellogg said it reached an agreement with both Keebler and
Flowers Industries
(FLO) - Get Report
, the majority shareholder of Keebler.
Kellogg, which expects to close the acquisition during the first quarter of 2001, will also assume Keebler's debt. Kellogg said the acquisition would create a food company with $10 billion in annual sales.
