Post Holdings and TreeHouse Foods Provide Update Regarding Action by the Federal Trade Commission Regarding Post’s Proposed...
December 19 2019 - 4:11PM
Post Holdings, Inc. (NYSE:POST) and TreeHouse Foods (NYSE: THS)
(“TreeHouse”) today announced that the Federal Trade Commission
(“FTC”) has notified the companies that it will file a complaint
opposing Post’s proposed acquisition of TreeHouse’s private label
ready-to-eat cereal business (the “TreeHouse RTE cereal business”).
“We are disappointed and perplexed by the FTC’s decision to
attempt to block a combination that produces more effective
competition in the $9 billion ready-to-eat cereal category. We will
work with TreeHouse to develop an appropriate course of action,”
said Rob Vitale, Post’s President and CEO.
“The FTC’s decision to block the combination of our ready-to-eat
cereal business with Post is unfortunate,” said Steve Oakland, CEO
and President of TreeHouse. “We are highly disappointed because we
believe the transaction would enable Post to offer retail customers
a full suite of ready-to-eat cereal offerings. We are in the
process of reviewing our next steps, but in the meantime, we remain
committed to delivering high quality products and great customer
service to our customers.”
As a result of this development, the companies cannot provide a
timeframe in which they expect the transaction to close, if at
all.
Forward-Looking Statements
Certain matters discussed in this release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are made based
on known events and circumstances at the time of release, and as
such, are subject to uncertainty and changes in circumstances.
These forward-looking statements include the expected timing of
completion of the transaction and the possibility that the
transaction may not be completed. There is no assurance that the
acquisition of the TreeHouse RTE cereal business by Post will be
consummated, and there are a number of risks, uncertainties and
assumptions that could cause actual results to differ materially
from the forward-looking statements made herein, including risks
relating to the timing and ability to satisfy other closing
conditions for the proposed acquisition, the occurrence of any
event, change or other circumstance that could delay the closing of
the proposed acquisition, and other risks and uncertainties
described in Post’s and TreeHouse’s filings with the Securities and
Exchange Commission. These forward-looking statements represent
Post’s and TreeHouse’s judgement as of the date of this release.
Post and TreeHouse disclaim, however, any intent or obligation to
update these forward-looking statements.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in St. Louis, Missouri, is a
consumer packaged goods holding company operating in the
center-of-the-store, refrigerated, foodservice, food ingredient and
convenient nutrition food categories. Through its Post Consumer
Brands business, Post is a leader in the North American
ready-to-eat cereal category offering a broad portfolio including
recognized brands such as Honey Bunches of Oats®, Pebbles™, Great
Grains® and Malt-O-Meal® bag cereal. Post also is a leader in the
United Kingdom ready-to-eat cereal category with the iconic
Weetabix® brand. As a leader in refrigerated foods, Post delivers
innovative, value-added egg and refrigerated potato products to the
foodservice channel and the retail refrigerated side dish category,
offering side dishes and egg, sausage and cheese products through
the Bob Evans®, Simply Potatoes®, Better’n Eggs® and Crystal Farms®
brands. Post’s publicly-traded subsidiary BellRing Brands, Inc. is
a holding company operating in the global convenient nutrition
category through its primary brands of Premier Protein®, Dymatize®
and PowerBar®. Post participates in the private brand food category
through its investment with Thomas H. Lee Partners in 8th Avenue
Food & Provisions, Inc., a leading, private brand centric,
consumer products holding company. For more information, visit
www.postholdings.com.
About TreeHouse Foods, Inc.
TreeHouse Foods, Inc. is a leading manufacturer and distributor
of private label packaged foods and beverages in North America. We
have over 40 production facilities across the United States, Canada
and Italy, and our vision is to be the undisputed solutions leader
for custom brands for our customers. Our product portfolio includes
shelf stable, refrigerated, frozen and fresh products, including
baked goods (refrigerated and frozen dough, cereal, cookies,
crackers, pretzels and snack bars); beverages (broth, single serve
hot beverages, creamers and powdered drinks); meal solutions
(dressings, hot cereal, macaroni and cheese, pasta, pickles, sauces
and side dishes); and healthy snacks (dried fruits and vegetables,
nuts and trail mix). We have a comprehensive offering of packaging
formats and flavor profiles, and we also offer natural, organic and
preservative-free ingredients across almost our entire portfolio.
Our purpose is to make high quality food and beverages affordable
to all.
Post Holdings Contacts:Investor RelationsMatt
Mainermatt.mainer@postholdings.com(314) 644-7618
Media RelationsLisa Hanlylisa.hanly@postholdings.com(314)
665-3180
TreeHouse Foods Contact:Investor RelationsPI
Aquinopi.aquino@treehousefoods.com(708) 483-1331
Treehouse Foods (NYSE:THS)
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