Michael Foods Group Inc is close to a deal to sell itself to Post Holdings Inc for $2.5 billion, according to a person familiar with the matter. The cereal company is likely to beat out Tyson Foods Inc for Michael Foods, an eggs and dairy producer, the person said.Reuters reported last week that Michael Foods was in advanced talks to sell itself to either Tyson or Post.Minnetonka, Minnesota-based Michael Foods produces and distributes products including specialty eggs, refrigerated potatoes, cheese and other dairy products.Goldman Sachs Capital Partners bought Michael Foods from private equity firm Thomas H. Lee Partners LP in 2010 for around $1.7 billion. Thomas H. Lee retained an ownership stake of about 20 percent as part of the transaction.
Post Holdings, Inc. is a consumer goods company operating in the center-of-the-store, active nutrition and private label food categories. Shares of POST traded higher by 4.63% or $2.4/share to $54.20. In the past year, the shares have traded as low as $38.31 and as high as $60.63. On average, 576016 shares of POST exchange hands on a given day and today's volume is recorded at 1266817.
Tyson Foods, Inc. is a food production company. The Company produces, distributes and markets chicken, beef, pork, prepared foods and related allied products. Shares of TSN traded higher by 0.16% or $0.07/share to $42.51. In the past year, the shares have traded as low as $23.24 and as high as $44.24. On average, 3743160 shares of TSN exchange hands on a given day and today's volume is recorded at 3239109.
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