Cereal maker Post Holdings Inc said it will purchase egg and dairy producer and distributor Michael Foods Inc for $2.45 billion in its largest-ever deal.The deal will let the maker of Raisin Bran and Honey Bunches of Oats cash in on the growing popularity of health foods, making it a major producer of processed protein food."Post remains focused on diversifying its business to capitalize on shifts in consumer behavior towards increased consumption of protein and away-from-home breakfast occasions," the company said on Thursday.Reuters reported last week that Post Holdings and U.S. meat processor Tyson Foods Inc were the final bidders for Michael Foods, known for brands such as Papetti's, All Whites, Better 'n Eggs and Simply Potatoes.
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 5.66% or $2.93/share to $54.73. In the past year, the shares have traded as low as $38.31 and as high as $60.63. On average, 596702 shares of POST exchange hands on a given day and today's volume is recorded at 1728575.
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 0.73% or $0.31/share to $42.75. In the past year, the shares have traded as low as $23.37 and as high as $44.24. On average, 3710310 shares of TSN exchange hands on a given day and today's volume is recorded at 4069001.
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