General Mills’ proposed acquisition of Pillsbury has been delayed further with the deadline for US$10.5bn deal extended to 30 June.
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The deal was expected to be completed by 31 March, but an antitrust review by the Federal Trade Commission has taken longer than planned.
Austin Sullivan, General Mills’ spokesman, said on Monday that the company had filed papers with the US Securities and Exchange Commission (SEC) last Friday, informing them of the delay. He said that General Mills expected to complete the transaction before 31 May, the end of the company’s fiscal fourth quarter.
The proposal for General Mills’ purchase of Pillsbury from Drinks giant Diageo was announced last July, but formal completion of deal has now been twice delayed. The new deadline still allows either of the parties involved the chance to walk away from the deal before any formal approval is given.
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