Bloomberg: P&G said to have rejected Pringles, Diamond merger

Bloomberg: P&G said to have rejected Pringles, Diamond merger
September 17, 2010
Bloomberg: Procter &Gamble Co. was in talks to merge its Pringles unit with Diamond Foods Inc. before halting negotiations last month on concern about the deal’s structure, according to people with direct knowledge of the discussions.

P&G’s board voted against a transaction in August, said the people, who declined to be identified because the matter was private. A deal would have valued Pringles at about $1.5 billion, the people said. Diamond has a market value of about $900 million.

A merger would have added Pringles chips to Diamond snacks that include Emerald nuts and Pop Secret popcorn. The San Francisco-based company also owns Kettle potato chips, after buying Kettle Foods for $615 million in cash earlier this year.

Diamond spent months in talks to acquire Pringles in a so- called spin merger that would have allowed P&G to sell in a tax- free manner while giving P&G shareholders majority control of Diamond, according to the people.
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