Diamond Foods Receives Clearance on Pringles Acquisition From U.K. Office of Fair Trading
On April 5, 2011, Diamond Foods announced the signing of a definitive agreement to acquire the Pringles business from The Procter & Gamble Company in a Reverse Morris Trust transaction valued at $2.35 billion.
Jul 28 2011 --- Diamond Foods, Inc. announced that it has received clearance from the United Kingdom's Office of Fair Trading (OFT) on its pending acquisition of the Pringles business from The Procter & Gamble Company.
The clearance by the OFT follows Diamond's June announcement that the waiting period for U.S. antitrust review under the Hart-Scott Rodino Antitrust Improvements Act of 1976 for Diamond Foods' pending acquisition of the Pringles business from The Procter & Gamble Company expired on June 20, 2011.
On April 5, 2011, Diamond Foods announced the signing of a definitive agreement to acquire the Pringles business from The Procter & Gamble Company in a Reverse Morris Trust transaction valued at $2.35 billion. The transaction, expected to close by the end of this calendar year, is also subject to satisfaction of other conditions, including approval by Diamond's stockholders.
