Oak Brook / IL. (thf) Post Holdings Inc. and TreeHouse Foods Inc. provided an update on the proposed Post acquisition of the private label ready-to-eat (RTE) cereal business from TreeHouse Foods (the TreeHouse RTE Cereal Business), which was previously announced in bakenet:eu on May 07, 2019.
On May 17, 2019, the Federal Trade Commission (FTC) provided early termination of the customary waiting period under the HartScottRodino Antitrust Improvements Act of 1976, as amended (HSR Act). While the FTC did not issue a formal request for additional information under the HSR Act, the FTC has since indicated that it is currently reviewing the transaction in more detail, and closing will be delayed beyond July.
Post and TreeHouse remain committed to the transaction and continue to believe that the transaction will generate substantial cost savings and other efficiencies that would benefit both retailers and consumers by creating stronger competition in the nearly USD 9 billion RTE cereal category (at retail, including private label and branded) and among other breakfast options. While Post and TreeHouse are disappointed about the additional delay, both parties will continue to work in a collaborative manner with the FTC, and look forward to a timely resolution of this matter.
Both companies remain committed to a smooth transition for employees, customers and consumers. As Post and TreeHouse evaluate potential opportunities to expedite and conclude the review, TreeHouse will continue to independently operate its RTE cereal business.
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