Chips ready to be eaten: Kellogg steps in with $2.7 billion bid for Pringles

Sfide Strategiche

Diamond Foods Inc. and Procter & Gamble Co. mutually agreed to terminate Diamond’s proposed acquisition of the Pringles canned-chips business, and Kellogg Co. stepped in with an offer worth $2.7 billion.

Diamond, which makes Emerald Nuts and Pop Secret popcorn, had agreed to pay $2.35 billion to buy the Pringles business last April, but the deal unraveled following an internal probe at Diamond that found it had wrongly accounted for payments to walnut growers.

Abstract from WSJ article by Lauren Pollock and Mia Lamar