(Reuters) - Post Holdings, the No.3 U.S. cereal company, is set to acquire British cereal company Weetabix in a $1.76 billion deal, a person familiar with the matter said.
Reuters had reported in January that Post Holdings was among four bidders vying for Weetabix, which is owned by China’s Bright Food [SHMNGA.UL].
The other bidders were UK’s Associated British Foods, Cereal Partners Worldwide and Italian pasta maker Barilla.
Weetabix and Post Holdings were not immediately available for comment.
Reporting by Parikshit Mishra in Bengaluru; Editing by Savio D'Souza