Mars’ $36B Kellanova Deal: Analysts See Minimal Category Overlap, No Competing Bids

In a standout M&A move, Mars, Inc. has agreed to acquire Kellanova (NYSE:K) for $83.50 per share, marking a 44% premium over its 30-day average price. The $35.9 billion transaction is anticipated to be finalized in the first half of 2025, subject to shareholder and regulatory approvals.

Here’s what analysts are saying about the deal:

• RBC Capital Markets analyst Nik Modi downgraded Kellanova from Outperform to Sector Perform, raising the price forecast to $83.50 from $76.
• Piper Sandler analyst Michael S. Lavery reiterated the Neutral rating on the stock, raising the price forecast to $83 from $63.

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