Post Holdings Reportedly Nears Deal To Acquire Weetabix For GBP 1.4 Bln

(RTTNews) - Cereal maker Post Holdings Inc. (POST) is close to a deal to acquire U.K. peer Weetabix, According to reports citing people familiar with the matter. The deal could value Weetabix at about 1.4 billion pounds or $1.76 billion. An agreement could be announced as early as Tuesday.

Post, whose cereal brands include Honey Bunches of Oats and Great Grains, is acquiring Weetabix from China's Bright Food Group Co., a Chinese food conglomerate operating across Asia Pacific, and minority shareholder Baring Private Equity Asia, a private-equity firm. Bright acquired 60% of Weetabix in 2012 from London-based buyout company Lion Capital LLP, in a deal that valued the U.K. cereal company at 1.2 billion pounds, including debt. Baring has owned the remaining stake since 2015.