NEW YORK -- After Diamond Foods and Procter & Gamble called off their $1.5 billion deal for Diamond to buy the Pringles brand, cereal maker Kellogg (K) swooped in and made a $2.7 billion offer for the snack food company.
Procter & Gamble (PG) and Diamond Foods (DMND), which makes Emerald Nuts and Pop Secret popcorn, said Wednesday that they mutually agreed to end their proposed deal to buy Pringles.
The news comes a week after Diamond said it was replacing its CEO and CFO following an internal investigation that found the company improperly accounted for payments to walnut growers. The company has said it now needs to restate two years of financial results.
No breakup or other fees will be paid related to the deal's termination.
Kellogg says it expects to complete the Pringles acquisition during the summer.
USA Today