Post Holdings, a cereal maker based in suburban St. Louis, is acquiring Michael Foods Group, which makes dairy and egg products, for $2.45 billion. It’s the largest acquisition for Post, whose brands include Honey Bunches of Oats and Grape-Nuts, since the company spun off as a standalone company from Ralcorp in early 2012.
Post said it’s buying Michael Foods to reflect changing consumer trends, including the increased consumption of protein for breakfast. Post said it expects to achieve $10 million in synergies related to the acquisition. The sale is expected to close in the second quarter of 2014.