Post Holdings Cereal Merger Toast Amid FTC Challenge

Law360 (January 13, 2020, 6:20 PM EST) -- Post Holdings Inc. dropped its planned $110 million purchase of "private label" cereal business from TreeHouse Foods Inc. on Monday, as the Federal Trade Commission prepared to challenge the tie-up after initially clearing the deal.

The FTC announced the challenge on Dec. 19, despite appearing to clear the transaction seven months earlier, contending the move would give Post a 60% share of the market for cereals that grocery stores can sell under their own brands.

TreeHouse Foods President and CEO Steve Oakland said in a statement Monday the companies considered their options in responding to the FTC action but decided it...

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