So is buying Kellanova for USD 36 billion a good deal for Mars?

In this third and final installment of my analysis of the Mars-Kellanova merger, I focus on the financials, more specifically the valuation metrics and the contents of the fairness opinions of Kellanova’s two financial advisors, Goldman Sachs and Lazard.

We will look at their valuation methodologies, where they differed in their approach, and how they positioned the transaction for the board to make its final recommendation. We also find how much each gets paid 👀 .