K has been fairly steady, POST jumped when this was announced, I think. I own K, not POST, I like CPB's CEO, however he blamed the winter storm closing the plant in TX in two different quarters, WS didn't like his BS, they spanked the stock. I'd be buying CPB if I had extra money.
Post Holdings Reports Plan To Distribute Interest In BellRing Brands To Co. Shareholders, No Terms Disclosed
5:02 pm ET August 5, 2021 (Benzinga) Print
Post Holdings, Inc. (NYSE:POST), a consumer packaged goods holding company, today announced it plans to distribute a significant portion of its interest in BellRing Brands, Inc. (“BellRing”) to shareholders of Post.
Post currently beneficially owns 71.2% of BellRing through its ownership of 97.5 million of the 137.0 million non-voting membership units of BellRing Brands, LLC (“BellRing LLC”), which Post may redeem for shares of BellRing Class A common stock at a redemption ratio of one share of Class A common stock for one BellRing LLC unit. Post expects to distribute its BellRing interest to Post shareholders under a plan of distribution that could include a pro-rata distribution, an exchange offer or a combination of both. Post expects to determine the form of distribution based on market conditions. Post currently contemplates retaining less than 19.5 million of its BellRing LLC units, which it ultimately expects to exchange for existing debt of Post. At the transaction closing, Post expects BellRing to distribute a special cash dividend to all BellRing stockholders, including Post. The special cash dividend would be financed by debt financing transactions to be consummated in connection with the distribution. Post intends to use the net proceeds from the special cash dividend to pay down debt.
Completion of this transaction will unlock meaningful value, give Post shareholders direct ownership of BellRing and provide BellRing with increased strategic flexibility and enhanced trading liquidity. The transaction will be governed by definitive agreements to be entered into between Post and BellRing and is expected to be completed in the first half of calendar year 2022, subject to certain customary conditions, including receipt of regulatory approvals and the approval of BellRing’s stockholders.
Post expects that upon completion of the transaction, Robert V. Vitale would remain Executive Chairman of BellRing and Darcy H. Davenport would remain President and CEO of BellRing.
Post expects to provide further details regarding this transaction as progress is made in implementing its plan.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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