February 23, 2018 / 11:09 AM / 7 months ago

BRIEF-General Mills To Acquire Blue Buffalo Pet Products

Feb 23 (Reuters) - General Mills Inc:

* GENERAL MILLS ACCELERATES PORTFOLIO RESHAPING WITH ACQUISITION OF BLUE BUFFALO PET PRODUCTS

* GENERAL MILLS - EXPECTS TO FINANCE DEAL WITH A COMBINATION OF DEBT, CASH ON HAND AND APPROXIMATELY $1.0 BILLION IN EQUITY

* GENERAL MILLS - DEAL HAS BEEN APPROVED BY BOARDS OF DIRECTORS OF GENERAL MILLS AND BLUE BUFFALO

* GENERAL MILLS INC - EXPECTS TO MAINTAIN ITS $0.49/SHARE QUARTERLY DIVIDEND AND SUSPEND ITS CURRENT SHARE REPURCHASE PROGRAM

* GENERAL MILLS INC - DEAL ‍EXPECTED TO BE NEUTRAL TO CASH EPS IN FISCAL 2019 AND ACCRETIVE IN FISCAL 2020​

* GENERAL MILLS INC - ‍TRANSACTION WILL BE IMMEDIATELY ACCRETIVE TO GENERAL MILLS NET SALES GROWTH AND OPERATING MARGIN PROFILE​

* GENERAL MILLS - INVUS LP, FOUNDING BISHOP FAMILY SHAREHOLDERS, REPRESENTING OVER 50% OF BLUE BUFFALO'S OUTSTANDING SHARES, APPROVED DEAL

* GENERAL MILLS - ‍ON COMPLETION OF DEAL, CO WILL OPERATE BLUE BUFFALO AS NEW PET OPERATING SEGMENT ALONGSIDE ITS 4 CURRENT OPERATING SEGMENTS​

* GENERAL MILLS - EXPECTS TO MAINTAIN BLUE BUFFALO'S WILTON, CONNECTICUT HQ

* GENERAL MILLS INC - ‍BLUE BUFFALO'S CEO, BILLY BISHOP, WILL CONTINUE TO LEAD BUSINESS AND REPORT TO JEFF HARMENING​

* GENERAL MILLS - ALSO EXPECTS TO MAINTAIN BLUE BUFFALO'S JOPLIN, MISSOURI, RICHMOND, INDIANA MANUFACTURING & RESEARCH AND DEVELOPMENT FACILITIES Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

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