Kellogg Company To Spin-Off WK Kellogg In 4Q23; Files Form 10

Deal Overview

On July 24, 2023, Kellogg

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Company (NYSE: K, $66.19, Market Capitalization: $22.7 billion), a global leader in manufacturing and marketing of snacks and convenience foods, announced the filing of a Form 10 registration in connection with the spin-off of WK Kellogg Co. The Company expects the spin-off to be completed in 4Q23, and WK Kellogg stock will be traded on the New York Stock Exchange under the ticker symbol “KLG”. Moreover, information regarding the record date, distribution date, and spin-off ratio will be provided in due course. After completing the proposed spin-off, WK Kellogg (Spin-Off) will be a leading cereal company in the U.S., Canada, and the Caribbean, with a portfolio of iconic and world-class brands. On the other hand, Kellogg (RemainCo) will change its name to Kellanova and will be a leading company in global snacking, international cereal and noodles, and North America frozen foods. Previously on June 21, 2022, Kellogg Company had announced its plan to separate its North American cereal and plant-based foods businesses, resulting in three independent public companies. However, the plant-based foods businesses will now remain with Kellanova. Kellogg expects to maintain a strong aggregate dividend and return-on-capital profile across both businesses. The independent dividend and capital structure policies for each business are expected to be competitive relative to their relevant peers.