Ferrero Completes Acquisition of WK Kellogg Co for $23.00 per Share

Ferrero has completed its acquisition of WK Kellogg Co, making it a wholly-owned subsidiary. The deal was announced on July 10, 2025, and approved by WK Kellogg Co shareowners on September 19, 2025. WK Kellogg Co shareowners are entitled to receive $23.00 in cash for each share of WK Kellogg Co common stock they owned before the closing. WK Kellogg Co has ceased trading and will no longer be listed on the New York Stock Exchange.

Ferrero has finalized its acquisition of WK Kellogg Co, making it a wholly-owned subsidiary. The deal, announced on July 10, 2025, and approved by WK Kellogg Co shareowners on September 19, 2025, entitles shareholders to receive $23.00 in cash for each share of WK Kellogg Co common stock they owned before the closing. WK Kellogg Co has ceased trading and will no longer be listed on the New York Stock Exchange.

The acquisition supports Ferrero's strategic growth plans in North America and expands the Company's reach across more consumption occasions with brands beloved by consumers. Ferrero plans to invest in and grow WK Kellogg Co's iconic portfolio of brands across the United States, Canada, and the Caribbean.

The transaction was advised by Lazard, BofA Securities, Davis Polk & Wardwell LLP, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Kirkland & Ellis LLP. Ferrero entered the U.S. market in 1969 and today offers a stable of global brands and beloved local jewels, including Nutella®, Kinder®, Tic Tac®, Ferrero Rocher®, Butterfinger®, CRUNCH®, Baby Ruth®, Fannie May®, Keebler, Famous Amos®, Mother's®, Power Crunch®, NERDS®, Jelly Belly®, SweeTARTS®, Brach's®, Black Forest®, Trolli®, Laffy Taffy®, Lemonheads®, Halo Top®, Blue Bunny®, and Bomb Pop®. With over 61,000 employees, Ferrero is dedicated to helping people celebrate life's special moments with high-quality products and fulfilling its commitment to the planet and communities worldwide.

WK Kellogg Co, founded in 1894 by W.K. Kellogg, has an iconic brand portfolio including Kellogg's Frosted Flakes®, Rice Krispies®, Froot Loops®, Kashi®, Special K®, Kellogg's Raisin Bran®, and Bear Naked®. With a presence in the majority of households across North America, its brands play a key role in enhancing the lives of millions of consumers every day. Through its sustainable business strategy – Feeding Happiness™ – WK Kellogg Co aims to build healthier and happier futures for families, kids, and communities.