Kellanova has disclosed multiple legal actions challenging its $83.50 per share merger agreement with Mars. Three complaints have been filed in New York and Illinois courts, alleging misrepresentation and omission of material information in the company's proxy statement regarding financial projections and merger analyses.The lawsuits, including the Smith, Taylor, and Crosby complaints, claim breaches of disclosure duties and fiduciary obligations related to the merger process and sale price. Additionally, Kellanova has received 11 demand letters from shareholders seeking additional disclosures. The company maintains the claims are without merit but has voluntarily provided supplemental disclosures to address the concerns.The merger agreement, announced on August 13, 2024, values Kellanova at $83.50 per share, representing a 33% premium to the undisturbed stock price. The special shareholder meeting to vote on the merger is scheduled for November 1, 2024. The company has filed supplemental disclosures detailing financial analyses by Lazard and Goldman Sachs to support the transaction valuation.

Kellanova has disclosed multiple legal actions challenging its $83.50 per share merger agreement with Mars. Three complaints have been filed in New York and Illinois courts, alleging misrepresentation and omission of material information in the company's proxy statement regarding financial projections and merger analyses.The lawsuits, including the Smith, Taylor, and Crosby complaints, claim breaches of disclosure duties and fiduciary obligations related to the merger process and sale price. Additionally, Kellanova has received 11 demand letters from shareholders seeking additional disclosures. The company maintains the claims are without merit but has voluntarily provided supplemental disclosures to address the concerns.The merger agreement, announced on August 13, 2024, values Kellanova at $83.50 per share, representing a 33% premium to the undisturbed stock price. The special shareholder meeting to vote on the merger is scheduled for November 1, 2024. The company has filed supplemental disclosures detailing financial analyses by Lazard and Goldman Sachs to support the transaction valuation.