Allen & Overy (A&O) has won a role to advise Diamond Foods on its $2.35bn (£1.4bn) merger with the Pringles unit of Procter & Gamble (P&G). In the transaction, P&G will receive 29 million shares of Diamond common stock worth $1.5bn (£920m), which will constitute 57% of the merged entity, reports The Am Law Daily. At the same time, US food company Diamond will assume $850m (£521m) in Pringles debt, giving Diamond shareholders a 43% stake in the merged company.
April 07, 2011 at 11:33 AM
1 minute read
The original version of this story was published on Legalweek
Allen & Overy (A&O) has won a role to advise Diamond Foods on its $2.35bn (£1.4bn) merger with the Pringles unit of Procter & Gamble (P&G).
In the transaction, P&G will receive 29 million shares of Diamond common stock worth $1.5bn (£920m), which will constitute 57% of the merged entity, reports The Am Law Daily. At the same time, US food company Diamond will assume $850m (£521m) in Pringles debt, giving Diamond shareholders a 43% stake in the merged company.
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