General Mills is one step closer to buying Blue Buffalo.
MINNEAPOLIS — General Mills, Inc. said it has received antitrust clearance for its acquisition of Blue Buffalo Pet Products, Inc. The Federal Trade Commission late last week granted early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The closing of the transaction remains subject to certain other conditions, General Mills said, with an expected closing date before the end of May.
General Mills entered into an agreement to acquire Blue Buffalo Pet Products, Inc. for $40 per share in cash for an enterprise value of approximately $8 billion in late February. Blue Buffalo manufactures natural foods and treats for dogs and cats.
Blue Buffalo markets its products under the Blue brand. In its most recent year the company generated $1.3 billion in sales and $319 million in adjusted EBITDA, according to General Mills.
