General Mills to Acquire Blue Buffalo Pet Products for $8 Billion

February 23, 2018

Cleary Gottlieb is representing General Mills, Inc., which announced that it has entered into a definitive agreement to acquire Blue Buffalo Pet Products, Inc. for $40.00 per share in cash, representing an enterprise value of approximately $8 billion.

The transaction, which has been approved by the Boards of Directors of General Mills and Blue Buffalo, is expected to close by the end of General Mills’ fiscal 2018, subject to regulatory approvals and other customary closing conditions.

Founded in 2002, Blue Buffalo is the fastest-growing major pet food company making natural foods and treats for dogs and cats under the BLUE brand, which includes BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom, and BLUE Natural Veterinary Diet. General Mills is the third-largest natural and organic food producer in the U.S. with leading brands including Annie’s, Lärabar, Liberté, Cascadian Farm, Muir Glen, and EPIC. Upon completion of the transaction, General Mills will operate Blue Buffalo as a new Pet operating segment alongside its four current operating segments: North American Retail, Convenience Stores & Foodservice, Europe & Australia, and Asia & Latin America.