The J.M. Smucker Co. has agreed to sell several of its pet food brands to Post Holdings Inc. in a deal worth $1.2 billion in cash and stock.
Orrville, Ohio-based Smucker (NYSE: SJM) said the transaction includes $700 million in cash and 5.4 million shares of Post (NYSE: POST) common stock.
Shares of Post closed at $93.62 a share Wednesday, down 1% from Tuesday’s closing price.
Brands included in the sale include Rachael Ray Nutrish, 9Lives, Kibbles 'n Bits, Nature's Recipe and Gravy Train,…
