[DEFA14A] WK Kellogg Co Additional Proxy Soliciting Materials

Rhea-AI Filing Summary

WK Kellogg Co (NYSE: KLG) has filed a DEFA14A containing additional soliciting material regarding its planned acquisition by Ferrero International S.A. Under the Agreement and Plan of Merger signed 10 July 2025, Frosty Merger Sub, a wholly owned Ferrero subsidiary, will merge into KLG, leaving KLG as an indirect, wholly owned unit of Ferrero. The accompanying customer email, dated 14 July 2025, reiterates Ferrero’s strategy of expanding its North-American footprint by adding KLG’s well-known cereal portfolio (Frosted Flakes®, Rice Krispies®, Kashi®) and states that the parties target closing in 2H 2025, subject to customary conditions and shareholder approval.

The communication highlights expected benefits such as combining complementary brands, manufacturing scale and distribution reach to "drive innovation" and "better serve customers." Until closing, both companies will operate independently and no immediate commercial changes are anticipated for customers.

A substantial forward-looking-statement disclaimer lists key risks: failure to obtain shareholder vote, regulatory approvals, potential litigation, disruption to current operations, retention of employees and customers, financing availability and possible termination fees. Shareholders are urged to read forthcoming preliminary and definitive proxy statements that will contain full details of the proposed transaction.

The filing specifies that no filing fee is required, and no offer or sale of securities is being made by this communication. Additional solicitation participants and their holdings will be disclosed in future SEC materials. Overall, the document serves as an early-stage notice to stakeholders ahead of proxy materials that will seek shareholder approval for the merger.

Positive

• Signed definitive merger agreement with Ferrero, confirming serious buyer commitment and clear transaction structure.
• Targeted closing in 2H 2025 provides an expected timeline for shareholders and stakeholders.
• Stated strategic benefits – complementary brands, broader manufacturing footprint and innovation opportunities explicitly mentioned.

Negative

• Numerous closing risks disclosed, including shareholder vote, regulatory approvals, and potential termination fees.
• Operational disruption risk during the pendency of the merger may affect customer relationships and talent retention.
• Absence of deal valuation in this filing leaves shareholders without information on purchase price or premium.

Insights

M&A Specialist

TL;DR – Definitive deal signed; closing aimed 2H 2025, risks disclosed.

Ferrero’s signed merger agreement to acquire WK Kellogg is a material strategic transaction. While financial terms are absent, the filing confirms a binding agreement, outlines the legal structure and sets a target closing window. The email communicates continuity to customers, which should mitigate commercial churn during the interim period. From an M&A standpoint the deal is impactful because it could remove KLG’s public float and place iconic cereal brands under a deep-pocketed private owner. However, typical closing risks—including shareholder vote, antitrust clearance and potential termination fees—remain. Investors should focus on forthcoming proxy materials for valuation details and closing conditions.

Consumer Staples Equity Analyst

TL;DR – Ferrero seeks cereal scale; integration synergies touted, execution risks flagged.

The communication positions the merger as a way to merge Ferrero’s confectionery breadth with KLG’s breakfast leadership, aiming to unlock cross-category innovation and leverage combined manufacturing and distribution. Such synergies are explicitly referenced in the email, suggesting potential margin expansion once integrated. Conversely, the risk section reminds investors that regulatory and operational hurdles could delay or derail the deal, and that announcement effects may pressure KLG’s share price or employee morale. Until financial terms emerge, valuation impact cannot be assessed, but the strategic logic appears sound and investor sentiment is likely to be cautiously positive pending more data.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

 

 

Filed by the Registrant ☒

Filed by a party other than the Registrant ☐

Check the appropriate box:

 

☐ Preliminary Proxy Statement

 

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

 

☐ Definitive Proxy Statement

 

☐ Definitive Additional Materials

 

☒ Soliciting Material Pursuant to §240.14a-12

WK Kellogg Co

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

 

☒ No fee required.

 

☐ Fee paid previously with preliminary materials.

 

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11.

 

 

 

This Schedule 14A relates solely to preliminary communications made by Ferrero International S.A., a Luxembourg public limited company (“Parent”), prior to shareowners of WK Kellogg Co, a Delaware corporation (the “Company”), being furnished with a definitive proxy statement related to the proposed transaction with Parent, in which Frosty Merger Sub, Inc., a Delaware corporation and a wholly owned indirect subsidiary of Parent (“Merger Sub”), will be merged with and into the Company, with the Company surviving as a wholly owned indirect subsidiary of Parent, upon the terms and subject to the conditions set forth in the Agreement and Plan of Merger, dated as of July 10, 2025 (the “Merger Agreement”), by and among the Company, Parent and Merger Sub.

This Schedule 14A filing consists of an email from Parent to certain of Parent’s customers.

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July 14, 2025

Dear Valued Customer,

Last week, we announced that Ferrero Group has reached a definitive agreement to acquire WK Kellogg Co, building upon our proven strategy to invest and grow iconic North American brands. This is an exciting day for the entire Ferrero Group, and I’m confident our customers will benefit from the addition of their iconic portfolio of brands. You can read more about the announcement on our website: https://www.ferrero.com/int/en/news-stories/news/ferrero-to-acquire-wk-kellogg-co

You may already know WK Kellogg Co, a leader in the manufacturing, marketing and distribution of iconic cereals, including Kellogg’s Frosted Flakes^®, Rice Krispies^®, and Kashi^® among other brands across the United States, Canada and the Caribbean. This acquisition will allow us to bring together our complementary brands and our manufacturing and distribution footprints, to drive innovation across our combined portfolio and better serve our customers.

We expect to complete the acquisition in the second half of 2025, subject to customary closing conditions.

We are excited for the opportunity to welcome WK Kellogg Co and its iconic brand portfolio to the Ferrero family. We remain separate companies until the transaction closes and there are no changes foreseen for you. Your sales contact will remain the same - please contact them for any questions you may have.

We want to assure you that we are committed to transparency and will keep you informed as we move forward in this process. Please reach out to your sales representative if you have any additional questions.

Thank you for your continued partnership with Ferrero, and we look forward to sharing with you what’s next for our company.

Sincerely,

/s/ James Klein

James Klein

Chief Customer Officer

Ferrero USA

Cautionary Statement Regarding Forward-Looking Statements

This communication contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, each as

 

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amended, including statements regarding the proposed acquisition of WK Kellogg Co (the “Company”) by Ferrero International S.A. (“Ferrero”) (the “Merger”), shareowner approvals, the expected timetable for completing the Merger, the expected benefits of the Merger, and any other statements regarding the Company’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: failure to obtain the required vote of the Company’s shareowners in connection with the Merger; the timing to consummate the Merger and the risk that the Merger may not be completed at all or the occurrence of any event, change, or other circumstances that could give rise to the termination of the merger agreement governing the proposed transaction (the “Merger Agreement”), including circumstances requiring a party to pay the other party a termination fee pursuant to the Merger Agreement; the risk that the conditions to closing of the Merger may not be satisfied or waived; the risk that a governmental or regulatory approval that may be required for the Merger is not obtained or is obtained subject to conditions that are not anticipated; potential litigation relating to, or other unexpected costs resulting from, the Merger; legislative, regulatory, and economic developments; risks that the Merger disrupts the Company’s current plans and operations; the risk that certain restrictions during the pendency of the Merger may impact the Company’s ability to pursue certain business opportunities or strategic transactions; the diversion of management’s time on transaction-related issues; continued availability of capital and financing and rating agency actions; the risk that any announcements relating to the Merger could have adverse effects on the market price of the Company’s common stock, credit ratings or operating results; and the risk that the Merger and its announcement could have an adverse effect on the ability of the Company to retain and hire key personnel, to retain customers and to maintain relationships with business partners, suppliers and customers. The Company can give no assurance that the conditions to the Merger will be satisfied, or that it will close within the anticipated time period. 

All statements, other than statements of historical fact, should be considered forward-looking statements made in good faith by the Company, as applicable, and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this communication, or any other documents, words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “objective,” “plan,” “project,” “seek,” “strategy,” “target,” “will” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the beliefs and assumptions of management at the time that these statements were prepared and are inherently uncertain. Such forward-looking statements are subject to risks and uncertainties that could cause the Company’s actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties, as well as other risks and uncertainties that could cause the actual results to differ materially from those expressed in the forward-looking statements, are described in greater detail under the headings “Item 1A. Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 28, 2024 filed with the Securities and Exchange Commission (the “SEC”) and in the Company’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any other SEC filings made by the Company. The Company cautions that these risks and factors are not exclusive. Management cautions against putting undue reliance on forward-looking statements or

 

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projecting any future results based on such statements or present or prior earnings levels. Forward-looking statements speak only as of the date of this communication, and, except as required by applicable law, the Company does not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made. 

Additional Information and Where to Find It

This communication is being made in respect to the proposed transaction involving the Company and Ferrero. A meeting of the shareowners of the Company will be announced as promptly as practicable to seek Company shareowner approval in connection with the Merger. The Company intends to file relevant materials with the SEC, including preliminary and definitive proxy statements relating to the proposed transaction. The definitive proxy statement and a proxy card or voting instruction form will be mailed to the Company’s shareowners. This communication is not a substitute for the proxy statement or any other document that may be filed by the Company or Ferrero with the SEC. 

BEFORE MAKING ANY DECISION, COMPANY SHAREOWNERS ARE URGED TO CAREFULLY READ THE PRELIMINARY AND DEFINITIVE PROXY STATEMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Any vote in respect of resolutions to be proposed at the Company’s shareowner meeting to approve the proposed transaction or other responses in relation to the proposed transaction should be made only on the basis of the information contained in the Company’s proxy statement. You will be able to obtain a free copy of the proxy statement and other related documents (when available) filed by the Company with the SEC at the website maintained by the SEC at www.sec.gov or by accessing the Investors section of the Company’s website at https://www.investor.wkkellogg.com.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to, and does not constitute or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. 

Participants in the Solicitation

The Company, Ferrero, and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the Company’s shareowners in connection with the proposed transaction. Information regarding the Company’s directors and executive officers is set forth under the captions “Proposal 1—Election of Directors,” “Corporate

 

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Governance,” “Board and Committee Membership,” “2024 Director Compensation and Benefits,” “Directors’ Compensation Table,” “Compensation Committee Report,” “Compensation Discussion and Analysis,” “Executive Compensation,” “Retirement and Non-Qualified Defined Contribution and Deferred Compensation Plans,” “Potential Post-Employment Payments,” “Chief Executive Officer Pay Ratio,” “Pay vs. Performance” and “Security Ownership—Officer and Director Stock Ownership” sections of the definitive proxy statement for the Company’s 2025 Annual Meeting of Shareowners, filed with the SEC on March 12, 2025; under the caption “Information About Our Executive Officers” of Item 1 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024, filed with the SEC on February 25, 2025; and in the Company’s Current Report on Form 8-K filed with the SEC on May 6, 2025. Additional information regarding ownership of the Company’s securities by its directors and executive officers is included in such persons’ SEC filings on Forms 3 and 4. These documents may be obtained free of charge from the SEC’s website at www.sec.gov or by accessing the Investors section of the Company’s website at https://www.investor.wkkellogg.com. Additional information regarding the interests of Ferrero’s directors and executive officers and other persons who may be deemed participants in the solicitation of proxies in connection with the Merger will be included in the proxy statement that the Company expects to file in connection with the Merger and other relevant materials the Company or Ferrero may file with the SEC.

 

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FAQ

What transaction did WK Kellogg Co (KLG) announce?

KLG signed a definitive agreement on 10 July 2025 to be acquired by Ferrero International via a merger with Frosty Merger Sub.

When is the Ferrero–WK Kellogg merger expected to close?

The companies expect to complete the acquisition in the second half of 2025, subject to customary conditions.

Will there be immediate changes for WK Kellogg customers?

No. The email states both firms will remain separate until closing and customer contacts will stay the same.

What brands are involved in the transaction?

Iconic cereals including Kellogg’s Frosted Flakes®, Rice Krispies®, and Kashi® will join Ferrero’s portfolio.

What risks could prevent the merger from closing?

Risks include failure to secure shareholder approval, regulatory obstacles, litigation, and other conditions outlined in the forward-looking statements.

Where can shareholders find detailed proxy materials?

Preliminary and definitive proxy statements will be filed with the SEC and made available at www.sec.gov and the KLG investor website.