Mars buys Pringles maker Kellanova in $29 billion deal

Mars has agreed to buy Kellanova in a deal that values the maker of Cheez-It and Pringles at almost $29 billion.

Kellanova said in a regulatory filing that its shareholders will receive $83.50 per share in cash.

Shares in Kellanova (K) — created when Kellogg Company separated its snacks and cereal businesses last year — jumped more than 8% in pre-market trading. The stock has surged some 28% so far this month, on better-than-expected earnings and after news of deal talks surfaced in early August.

This is a developing story and will be updated.