December 15, 2025 — Kellanova stock (NYSE: K) has effectively reached its end as a publicly traded investment following Mars’ completed acquisition of the Pringles and Cheez-It maker. The transaction—announced last year at $83.50 per share in cash—closed on December 11, 2025, and Kellanova’s shares have been cancelled and converted into the right to receive cash. [1]
For market watchers who still see a “K” quote on some platforms, the key point is this: the stock story is no longer about earnings beats or snack-aisle market share. It’s about deal settlement mechanics, delisting logistics, and the final dividend that is payable today (Dec. 15).
The biggest news driving Kellanova stock: Mars has completed the acquisition
Mars and Kellanova confirmed the deal’s completion on December 11, 2025, after receiving the final regulatory approvals earlier this month. [2]
In Kellanova’s merger-related SEC filing, the company states that each share of Kellanova common stock outstanding immediately prior to the effective time of the merger was converted into the right to receive $83.50 per share in cash (subject to applicable tax withholding, without interest). [3]
Why this matters for “Kellanova stock” readers on Dec. 15
As of today, the most relevant investor question is no longer “Where does K stock go next?” but rather:
- When and how will the $83.50 cash consideration arrive?
- Who receives the $0.58 dividend payable today?
- What happens to remaining positions in brokerage accounts, options, and index funds?
Kellanova stock price: why it traded like a near-cash instrument into closing
In the final trading sessions before the deal closed, Kellanova’s shares hovered just below the cash-out price—reflecting typical merger-arbitrage dynamics once markets believe a transaction is highly likely to close. Kellanova’s investor site listed a last trade around $83.44 (with a 52-week high near $83.65), within pennies of the $83.50 deal price. [4]
That tiny gap is the market pricing in the remaining friction: timing, settlement, and any last-minute closing conditions (which, at this point, are behind the company). [5]
The regulatory catalyst: EU approval cleared the final hurdle
A major reason markets grew confident into closing was the European Commission’s decision to approve the acquisition after a deeper investigation. Reuters reported that the Commission cleared Mars’ roughly $36 billion Kellanova deal on December 8, 2025, concluding the transaction would not raise competition concerns in the European Economic Area—even after examining whether the combined snack portfolio could increase bargaining leverage and contribute to higher prices. [6]
Kellanova and Mars also stated the EU clearance represented the final regulatory approval needed, enabling the companies to move to close the transaction on December 11. [7]
Is Kellanova stock still trading? Delisting and the end of “NYSE: K”
Even if “K” still appears on quote pages, the company has been moving through formal delisting steps tied to the merger.
- In an SEC filing issued ahead of the closing, Kellanova disclosed that following the merger, its common stock would be delisted from the NYSE and cease to be publicly traded. [8]
- The NYSE also filed Form 25, the formal notification to remove Kellanova’s common stock (and certain notes) from listing/registration. [9]
- Outside the U.S., other venues have also communicated the end of trading, including Vienna, which stated that the last trading day for Kellanova there was December 11, 2025. [10]
Bottom line: for practical purposes, Kellanova stock is no longer a “live” public equity story. It’s a post-merger cash settlement story.
The dividend payable today (Dec. 15): $0.58 per share — and how it interacts with the merger
One detail that matters specifically on December 15, 2025: Kellanova previously declared a regular quarterly dividend of $0.58 per share, payable today, to shareholders of record as of December 1, 2025 (ex-dividend date also December 1). [11]
Does the Dec. 15 dividend still get paid even though the merger closed Dec. 11?
The merger agreement explicitly addresses this kind of timing issue. It provides that, after the effective time, former shareholders retain the right to receive:
- the merger consideration, and
- any dividends or distributions declared with a record date prior to the effective time that remain unpaid as of the effective time. [12]
Because the dividend’s record date (Dec. 1) is before the merger’s effective time (Dec. 11), and the pay date (Dec. 15) is after, this language is designed to preserve entitlement to that dividend for the eligible holders—without “double counting.” [13]
How the $83.50 cash payout is delivered: what shareholders can expect
Settlement mechanics matter most for investors who still held Kellanova shares into closing—especially anyone holding physical certificates.
The merger agreement outlines a process involving a payment agent:
- The acquiror must fund a payment pool for merger consideration and appoint a payment agent. [14]
- For holders with share certificates, the payment agent is expected to mail a letter of transmittal and instructions shortly after closing, and payment is generally made upon surrender of the certificates and required documentation. [15]
- For book-entry holders (typical brokerage positions), the agreement describes delivery of merger consideration “as promptly as practicable,” generally without requiring a letter of transmittal unless requested by the payment agent. [16]
If you’re looking at a brokerage statement today and still see “K” or a temporary placeholder, that’s usually an operational timing issue—not an indication the deal didn’t close.
Analyst forecasts and price targets on Dec. 15, 2025: why they cluster near $83.50
If you scan “Kellanova stock forecast” pages today, you’ll notice something unusual: many targets essentially flatline around $83.50.
That’s not because Wall Street suddenly agrees on the perfect intrinsic value of a snack company. It’s because, in a cash acquisition, the fundamental forecast becomes largely irrelevant to the traded price—what matters is whether the buyer will pay the fixed amount on schedule.
Several market-data sites list consensus targets around $83.50 and ratings that effectively translate to “hold,” consistent with a stock that has been priced to the deal. [17]
At the same time, investors should treat longer-horizon “2026–2030” price projections with caution, because Kellanova is now owned by a private-company affiliate and the common stock is being delisted—meaning there may be no ongoing public price discovery to validate those models. [18]
Options and derivatives: OCC cash settlement and accelerated expirations
For investors who traded options on Kellanova (K), the post-merger phase comes with rule-driven adjustments.
The Options Clearing Corporation (OCC) published an information memo dated December 11, 2025 stating that, as a result of the merger, each K common share is converted into the right to receive $83.50 net cash per share, and the adjusted options deliverable becomes $8,350 cash per contract (100 shares × $83.50). The memo also describes settlement through OCC’s cash settlement system and notes acceleration of expirations for the relevant option series. [19]
If you held K options into closing, it’s worth checking your broker’s corporate-actions notices and the OCC memo details rather than relying on standard quote pages.
Why Mars wanted Kellanova: the strategic logic behind the deal
Mars has positioned the acquisition as a major expansion of its snacking portfolio. In the companies’ communications, the combination brings Kellanova brands such as Pringles, Cheez-It, Pop-Tarts, and others into a broader Mars Snacking portfolio that already includes SNICKERS, M&M’S, TWIX, SKITTLES, EXTRA, KIND, and more. [20]
Regulators did scrutinize the scale. The EU review examined the risk of higher prices and the combined company’s negotiating leverage with retailers, but concluded the merger would not raise competition concerns. [21]
Index impact: Kellanova exits the S&P 500
One more practical ripple effect for passive investors: Kellanova’s acquisition has forced index changes. Barron’s reported that Ares Management is replacing Kellanova in the S&P 500 as Kellanova is acquired by Mars and leaves the public market. [22]
For index funds, this kind of substitution is standard—though in a cash-out merger, the “sale” is often functionally handled by the conversion into cash proceeds.
Context: Kellanova’s short life as a standalone public company
Kellanova is not a century-old ticker—despite century-old brands. It emerged in 2023 when Kellogg separated WK Kellogg Co., and the remaining company changed its name to Kellanova while continuing to trade as “K” on the NYSE. [23]
The Mars transaction, first announced in August 2024, offered $83.50 per share in cash and valued the deal at about $35.9 billion including assumed net leverage—described at the time as a large premium to Kellanova’s unaffected trading averages. [24]
What investors should watch next (post-close checklist)
With the acquisition completed, “Kellanova stock news” is now mostly corporate-actions news. Key items investors typically monitor in the days following a cash merger include:
- Cash receipt timing in brokerage accounts and whether the position transitions into a temporary “merger consideration” line item before disappearing. [25]
- Dividend processing for the $0.58 payment scheduled for today (Dec. 15), especially for holders around the Dec. 1 record/ex-dividend date. [26]
- Tax documentation (the cash-out is commonly treated as a sale for tax purposes in many jurisdictions, but individual circumstances vary).
- Options settlement per OCC’s cash deliverable and expiration adjustments. [27]
References
1. www.sec.gov, 2. newsroom.kellanova.com, 3. www.sec.gov, 4. investor.kellanova.com, 5. www.sec.gov, 6. www.reuters.com, 7. www.sec.gov, 8. www.sec.gov, 9. www.stocktitan.net, 10. www.wienerborse.at, 11. investor.kellanova.com, 12. www.sec.gov, 13. www.sec.gov, 14. www.sec.gov, 15. www.sec.gov, 16. www.sec.gov, 17. www.marketbeat.com, 18. www.sec.gov, 19. infomemo.theocc.com, 20. newsroom.kellanova.com, 21. www.reuters.com, 22. www.barrons.com, 23. investor.kellanova.com, 24. investor.kellanova.com, 25. www.sec.gov, 26. investor.kellanova.com, 27. infomemo.theocc.com
