[FWP] Bank of America Corporation Free Writing Prospectus
WK Kellogg Co (NYSE: KLG) has filed a DEFA14A containing additional soliciting material regarding its planned acquisition by Ferrero International S.A. Under the Agreement and Plan of Merger signed 10 July 2025, Frosty Merger Sub, a wholly owned Ferrero subsidiary, will merge into KLG, leaving KLG as an indirect, wholly owned unit of Ferrero. The accompanying customer email, dated 14 July 2025, reiterates Ferrero鈥檚 strategy of expanding its North-American footprint by adding KLG鈥檚 well-known cereal portfolio (Frosted Flakes庐, Rice Krispies庐, Kashi庐) and states that the parties target closing in 2H 2025, subject to customary conditions and shareholder approval.
The communication highlights expected benefits such as combining complementary brands, manufacturing scale and distribution reach to "drive innovation" and "better serve customers." Until closing, both companies will operate independently and no immediate commercial changes are anticipated for customers.
A substantial forward-looking-statement disclaimer lists key risks: failure to obtain shareholder vote, regulatory approvals, potential litigation, disruption to current operations, retention of employees and customers, financing availability and possible termination fees. Shareholders are urged to read forthcoming preliminary and definitive proxy statements that will contain full details of the proposed transaction.
The filing specifies that no filing fee is required, and no offer or sale of securities is being made by this communication. Additional solicitation participants and their holdings will be disclosed in future SEC materials. Overall, the document serves as an early-stage notice to stakeholders ahead of proxy materials that will seek shareholder approval for the merger.
WK Kellogg Co (NYSE: KLG) ha presentato un modulo DEFA14A contenente materiale supplementare di sollecitazione riguardante la sua prevista acquisizione da parte di Ferrero International S.A. In base all'Accordo e Piano di Fusione firmato il 10 luglio 2025, Frosty Merger Sub, una controllata interamente posseduta da Ferrero, si fonder脿 con KLG, rendendo KLG un'unit脿 indiretta e interamente controllata da Ferrero. L'email ai clienti allegata, datata 14 luglio 2025, ribadisce la strategia di Ferrero di espandere la propria presenza in Nord America aggiungendo il noto portafoglio di cereali di KLG (Frosted Flakes庐, Rice Krispies庐, Kashi庐) e afferma che le parti puntano a concludere l'operazione nella seconda met脿 del 2025, subordinatamente alle condizioni consuete e all'approvazione degli azionisti.
La comunicazione evidenzia i benefici attesi come la combinazione di marchi complementari, la scala produttiva e la portata distributiva per "stimolare l'innovazione" e "servire meglio i clienti". Fino alla chiusura, entrambe le societ脿 opereranno in modo indipendente e non sono previste modifiche commerciali immediate per i clienti.
Un ampio disclaimer sulle dichiarazioni previsionali elenca i rischi chiave: mancato ottenimento del voto degli azionisti, approvazioni regolamentari, possibili contenziosi, interruzioni nelle operazioni correnti, mantenimento di dipendenti e clienti, disponibilit脿 di finanziamenti e possibili penali di risoluzione. Si invita gli azionisti a leggere le prossime dichiarazioni preliminari e definitive che conterranno tutti i dettagli della transazione proposta.
Il documento specifica che non 猫 richiesta alcuna tassa di deposito e che questa comunicazione non costituisce un'offerta o vendita di titoli. Ulteriori partecipanti alla sollecitazione e le loro partecipazioni saranno divulgati nei futuri materiali SEC. Complessivamente, il documento funge da avviso preliminare rivolto agli stakeholder in vista dei materiali per la proxy che cercheranno l'approvazione degli azionisti per la fusione.
WK Kellogg Co (NYSE: KLG) ha presentado un formulario DEFA14A que contiene material adicional de solicitud relacionado con su planificada adquisici贸n por parte de Ferrero International S.A. Seg煤n el Acuerdo y Plan de Fusi贸n firmado el 10 de julio de 2025, Frosty Merger Sub, una subsidiaria de propiedad total de Ferrero, se fusionar谩 con KLG, dejando a KLG como una unidad indirecta y totalmente propiedad de Ferrero. El correo electr贸nico adjunto a clientes, fechado el 14 de julio de 2025, reitera la estrategia de Ferrero de expandir su presencia en Norteam茅rica a帽adiendo el conocido portafolio de cereales de KLG (Frosted Flakes庐, Rice Krispies庐, Kashi庐) y afirma que las partes apuntan a cerrar en la segunda mitad de 2025, sujeto a condiciones habituales y aprobaci贸n de los accionistas.
La comunicaci贸n destaca beneficios esperados como la combinaci贸n de marcas complementarias, escala de fabricaci贸n y alcance de distribuci贸n para "impulsar la innovaci贸n" y "servir mejor a los clientes". Hasta el cierre, ambas compa帽铆as operar谩n de manera independiente y no se anticipan cambios comerciales inmediatos para los clientes.
Una amplia cl谩usula de exenci贸n sobre declaraciones prospectivas enumera riesgos clave: la falta de obtenci贸n del voto de los accionistas, aprobaciones regulatorias, posibles litigios, interrupci贸n de operaciones actuales, retenci贸n de empleados y clientes, disponibilidad de financiamiento y posibles tarifas de terminaci贸n. Se insta a los accionistas a leer las pr贸ximas declaraciones preliminares y definitivas que contendr谩n todos los detalles de la transacci贸n propuesta.
El documento especifica que no se requiere tarifa de presentaci贸n y que esta comunicaci贸n no constituye una oferta o venta de valores. Participantes adicionales en la solicitud y sus participaciones ser谩n divulgados en futuros materiales de la SEC. En general, el documento sirve como un aviso temprano a las partes interesadas antes de los materiales de poder que buscar谩n la aprobaci贸n de los accionistas para la fusi贸n.
WK Kellogg Co (NYSE: KLG)電� Ferrero International S.A.鞐� 鞚橅暅 鞓堨爼霅� 鞚胳垬鞕� 甏�霠悳 於旉皜 甓岇湢 鞛愲毳� 韽暔頃橂姅 DEFA14A 靹滊毳� 鞝滌稖頄堨姷雼堧嫟. 2025雲� 7鞗� 10鞚� 靹滊獏霅� 頃╇硲 瓿勳暯 氚� 瓿勴殟鞐� 霐半澕 Ferrero鞚� 鞝勳暋 於滌瀽 鞛愴殞靷澑 Frosty Merger Sub臧� KLG鞐� 頃╇硲霅橂┌, KLG電� Ferrero鞚� 臧勳爲 鞝勳暋 於滌瀽 鞛愴殞靷皜 霅╇媹雼�. 2025雲� 7鞗� 14鞚检瀽 瓿犼皾 鞚措⿺鞚检棎靹滊姅 Ferrero臧� KLG鞚� 鞙犽獏頃� 鞁滊Μ鞏� 敫岆灉霌� 韽姼韽措Μ鞓�(Frosted Flakes庐, Rice Krispies庐, Kashi庐)毳� 於旉皜頃橃棳 攵侂 鞁滌灔 頇曥灔鞚� 於旍頃橂姅 鞝勲灥鞚� 鞛檿鞚疙晿氅�, 鞏戩浮鞚� 韱奠儊鞝侅澑 臁瓣贝瓿� 欤检＜ 鞀轨澑鞐� 霐半澕 2025雲� 頃橂皹旮� 瓯半灅 膦呺毳� 氇╉憸搿� 頃橁碃 鞛堧嫟瓿� 氇呾嫓頄堨姷雼堧嫟.
鞚� 旎る雼堨紑鞚挫厴鞚� 靸來樃 氤挫檮鞝侅澑 敫岆灉霌�, 鞝滌“ 攴滊 氚� 鞙犿喌 氩旍渼鞚� 瓴绊暕鞚� 韱淀暣 "順侅嫚鞚� 齑夓"頃橁碃 "瓿犼皾鞐愱矊 雿� 雮橃潃 靹滊箘鞀るゼ 鞝滉车"頃� 瓴冹溂搿� 旮半寑霅橂姅 鞚挫爯鞚� 臧曥“頃╇媹雼�. 瓯半灅 膦呺 鞝勱箤歆� 霊� 須岇偓電� 霃呺鞝侅溂搿� 鞖挫榿霅橂┌ 瓿犼皾鞐愱矊 歃夑皝鞝侅澑 靸侅梾鞝� 氤�頇旊姅 鞓堨儊霅橃 鞎婌姷雼堧嫟.
靸侂嫻顷� 氙鸽灅 鞓堨浮 歆勳垹 氅挫眳 臁绊暛鞐愲姅 欤检殧 鞙勴棙 鞖旍唽臧� 雮橃棿霅橃柎 鞛堨姷雼堧嫟: 欤检＜ 韴憸 氙鸽嫭靹�, 攴滌牅 鞀轨澑, 鞛犾灛鞝� 靻岇啞, 順勳灛 鞖挫榿 彀, 歆侅洂 氚� 瓿犼皾 鞙犾, 鞛愱笀 臁半嫭 臧�電レ劚 氚� 膦呺 靾橃垬耄� 臧�電レ劚. 欤检＜霌れ潃 鞝滌晥霅� 瓯半灅鞚� 氇摖 靹鸽秬 靷暛鞚� 韽暔霅� 鞓堨爼鞚� 鞓堧箘 氚� 斓滌 鞙勳瀯鞛� 鞛愲毳� 氚橂摐鞁� 鞚届潉 瓴冹潉 甓岅碃氚涥碃 鞛堨姷雼堧嫟.
靹滊鞐愲姅 鞝滌稖 靾橃垬耄岅皜 頃勳殧 鞐嗢溂氅�, 鞚� 旎る雼堨紑鞚挫厴鞚� 韱淀暣 歃濌秾鞚� 鞝滉车 霕愲姅 韺愲Г臧� 鞚措（鞏挫歆� 鞎婌潓鞚� 氇呾嫓頃╇媹雼�. 於旉皜 甓岇湢 彀胳棳鞛� 氚� 攴鸽摛鞚� 歆�攵勳潃 頄ロ泟 SEC 鞛愲鞐愳劀 瓿店皽霅� 鞓堨爼鞛呺媹雼�. 鞝勲皹鞝侅溂搿� 鞚� 氍胳劀電� 欤检＜ 鞀轨澑 鞖旍箔鞚� 鞙勴暅 鞙勳瀯鞛� 鞛愲鞐� 鞎烄劀 鞚错暣甏�瓿勳瀽霌れ棎瓴� 臁瓣赴 韱奠毳� 鞝滉车頃橂姅 鞐暊鞚� 頃╇媹雼�.
WK Kellogg Co (NYSE: KLG) a d茅pos茅 un formulaire DEFA14A contenant du mat茅riel de sollicitation suppl茅mentaire concernant son acquisition pr茅vue par Ferrero International S.A. Selon l'Accord et Plan de Fusion sign茅 le 10 juillet 2025, Frosty Merger Sub, une filiale enti猫rement d茅tenue par Ferrero, fusionnera avec KLG, faisant de KLG une unit茅 indirecte enti猫rement d茅tenue par Ferrero. L'email client joint, dat茅 du 14 juillet 2025, r茅affirme la strat茅gie de Ferrero d'茅tendre sa pr茅sence en Am茅rique du Nord en ajoutant le portefeuille bien connu de c茅r茅ales de KLG (Frosted Flakes庐, Rice Krispies庐, Kashi庐) et indique que les parties visent une cl么ture au second semestre 2025, sous r茅serve des conditions habituelles et de l'approbation des actionnaires.
La communication souligne les b茅n茅fices attendus tels que la combinaison de marques compl茅mentaires, l'茅chelle de fabrication et la port茅e de distribution pour "stimuler l'innovation" et "mieux servir les clients". Jusqu'脿 la cl么ture, les deux entreprises fonctionneront de mani猫re ind茅pendante et aucun changement commercial imm茅diat n'est pr茅vu pour les clients.
Une importante clause de non-responsabilit茅 relative aux d茅clarations prospectives 茅num猫re les principaux risques : 茅chec 脿 obtenir le vote des actionnaires, approbations r茅glementaires, litiges potentiels, perturbations des op茅rations actuelles, r茅tention des employ茅s et clients, disponibilit茅 du financement et 茅ventuels frais de r茅siliation. Les actionnaires sont invit茅s 脿 lire les prochaines d茅clarations pr茅liminaires et d茅finitives qui contiendront tous les d茅tails de la transaction propos茅e.
Le d茅p么t pr茅cise qu'aucun frais de d茅p么t n'est requis et qu'aucune offre ou vente de titres n'est r茅alis茅e par cette communication. Les participants suppl茅mentaires 脿 la sollicitation et leurs participations seront divulgu茅s dans de futurs documents de la SEC. Dans l'ensemble, le document sert d'avis pr茅coce aux parties prenantes avant les documents de procuration qui solliciteront l'approbation des actionnaires pour la fusion.
WK Kellogg Co (NYSE: KLG) hat ein DEFA14A eingereicht, das zus盲tzliches Werbematerial bez眉glich der geplanten 脺bernahme durch Ferrero International S.A. enth盲lt. Gem盲脽 der am 10. Juli 2025 unterzeichneten Fusionsvereinbarung wird Frosty Merger Sub, eine hundertprozentige Tochtergesellschaft von Ferrero, mit KLG verschmolzen, wodurch KLG eine indirekte, vollst盲ndig im Besitz von Ferrero befindliche Einheit wird. Die beigef眉gte Kunden-E-Mail vom 14. Juli 2025 best盲tigt erneut Ferreros Strategie, seine Pr盲senz in Nordamerika durch Hinzuf眉gen des bekannten Cerealien-Portfolios von KLG (Frosted Flakes庐, Rice Krispies庐, Kashi庐) auszubauen, und erkl盲rt, dass die Parteien eine Abschluss im zweiten Halbjahr 2025 anstreben, vorbehaltlich 眉blicher Bedingungen und der Zustimmung der Aktion盲re.
Die Mitteilung hebt erwartete Vorteile hervor, wie die Kombination komplement盲rer Marken, Fertigungskapazit盲ten und Vertriebsreichweite, um "Innovation voranzutreiben" und "Kunden besser zu bedienen". Bis zum Abschluss werden beide Unternehmen unabh盲ngig operieren, und f眉r Kunden sind keine unmittelbaren kommerziellen 脛nderungen vorgesehen.
Ein umfangreicher Hinweis zu zukunftsgerichteten Aussagen listet wesentliche Risiken auf: Ausbleiben der Aktion盲rszustimmung, beh枚rdliche Genehmigungen, m枚gliche Rechtsstreitigkeiten, St枚rungen des laufenden Betriebs, Bindung von Mitarbeitern und Kunden, Verf眉gbarkeit von Finanzierung und m枚gliche Vertragsstrafen. Aktion盲re werden aufgefordert, die bevorstehenden vorl盲ufigen und endg眉ltigen Vollmachtsunterlagen zu lesen, die alle Details der vorgeschlagenen Transaktion enthalten.
Die Einreichung stellt klar, dass keine Einreichungsgeb眉hr erforderlich ist und diese Mitteilung kein Angebot oder Verkauf von Wertpapieren darstellt. Weitere Teilnehmer an der Werbeaktion und deren Beteiligungen werden in zuk眉nftigen SEC-Unterlagen offengelegt. Insgesamt dient das Dokument als fr眉hzeitige Mitteilung an die Stakeholder vor den Vollmachtsunterlagen, die die Zustimmung der Aktion盲re zur Fusion einholen werden.
- Signed definitive merger agreement with Ferrero, confirming serious buyer commitment and clear transaction structure.
- Targeted closing in 2H 2025 provides an expected timeline for shareholders and stakeholders.
- Stated strategic benefits 鈥� complementary brands, broader manufacturing footprint and innovation opportunities explicitly mentioned.
- Numerous closing risks disclosed, including shareholder vote, regulatory approvals, and potential termination fees.
- Operational disruption risk during the pendency of the merger may affect customer relationships and talent retention.
- Absence of deal valuation in this filing leaves shareholders without information on purchase price or premium.
Insights
TL;DR 鈥� Definitive deal signed; closing aimed 2H 2025, risks disclosed.
Ferrero鈥檚 signed merger agreement to acquire WK Kellogg is a material strategic transaction. While financial terms are absent, the filing confirms a binding agreement, outlines the legal structure and sets a target closing window. The email communicates continuity to customers, which should mitigate commercial churn during the interim period. From an M&A standpoint the deal is impactful because it could remove KLG鈥檚 public float and place iconic cereal brands under a deep-pocketed private owner. However, typical closing risks鈥攊ncluding shareholder vote, antitrust clearance and potential termination fees鈥攔emain. Investors should focus on forthcoming proxy materials for valuation details and closing conditions.
TL;DR 鈥� Ferrero seeks cereal scale; integration synergies touted, execution risks flagged.
The communication positions the merger as a way to merge Ferrero鈥檚 confectionery breadth with KLG鈥檚 breakfast leadership, aiming to unlock cross-category innovation and leverage combined manufacturing and distribution. Such synergies are explicitly referenced in the email, suggesting potential margin expansion once integrated. Conversely, the risk section reminds investors that regulatory and operational hurdles could delay or derail the deal, and that announcement effects may pressure KLG鈥檚 share price or employee morale. Until financial terms emerge, valuation impact cannot be assessed, but the strategic logic appears sound and investor sentiment is likely to be cautiously positive pending more data.
WK Kellogg Co (NYSE: KLG) ha presentato un modulo DEFA14A contenente materiale supplementare di sollecitazione riguardante la sua prevista acquisizione da parte di Ferrero International S.A. In base all'Accordo e Piano di Fusione firmato il 10 luglio 2025, Frosty Merger Sub, una controllata interamente posseduta da Ferrero, si fonder脿 con KLG, rendendo KLG un'unit脿 indiretta e interamente controllata da Ferrero. L'email ai clienti allegata, datata 14 luglio 2025, ribadisce la strategia di Ferrero di espandere la propria presenza in Nord America aggiungendo il noto portafoglio di cereali di KLG (Frosted Flakes庐, Rice Krispies庐, Kashi庐) e afferma che le parti puntano a concludere l'operazione nella seconda met脿 del 2025, subordinatamente alle condizioni consuete e all'approvazione degli azionisti.
La comunicazione evidenzia i benefici attesi come la combinazione di marchi complementari, la scala produttiva e la portata distributiva per "stimolare l'innovazione" e "servire meglio i clienti". Fino alla chiusura, entrambe le societ脿 opereranno in modo indipendente e non sono previste modifiche commerciali immediate per i clienti.
Un ampio disclaimer sulle dichiarazioni previsionali elenca i rischi chiave: mancato ottenimento del voto degli azionisti, approvazioni regolamentari, possibili contenziosi, interruzioni nelle operazioni correnti, mantenimento di dipendenti e clienti, disponibilit脿 di finanziamenti e possibili penali di risoluzione. Si invita gli azionisti a leggere le prossime dichiarazioni preliminari e definitive che conterranno tutti i dettagli della transazione proposta.
Il documento specifica che non 猫 richiesta alcuna tassa di deposito e che questa comunicazione non costituisce un'offerta o vendita di titoli. Ulteriori partecipanti alla sollecitazione e le loro partecipazioni saranno divulgati nei futuri materiali SEC. Complessivamente, il documento funge da avviso preliminare rivolto agli stakeholder in vista dei materiali per la proxy che cercheranno l'approvazione degli azionisti per la fusione.
WK Kellogg Co (NYSE: KLG) ha presentado un formulario DEFA14A que contiene material adicional de solicitud relacionado con su planificada adquisici贸n por parte de Ferrero International S.A. Seg煤n el Acuerdo y Plan de Fusi贸n firmado el 10 de julio de 2025, Frosty Merger Sub, una subsidiaria de propiedad total de Ferrero, se fusionar谩 con KLG, dejando a KLG como una unidad indirecta y totalmente propiedad de Ferrero. El correo electr贸nico adjunto a clientes, fechado el 14 de julio de 2025, reitera la estrategia de Ferrero de expandir su presencia en Norteam茅rica a帽adiendo el conocido portafolio de cereales de KLG (Frosted Flakes庐, Rice Krispies庐, Kashi庐) y afirma que las partes apuntan a cerrar en la segunda mitad de 2025, sujeto a condiciones habituales y aprobaci贸n de los accionistas.
La comunicaci贸n destaca beneficios esperados como la combinaci贸n de marcas complementarias, escala de fabricaci贸n y alcance de distribuci贸n para "impulsar la innovaci贸n" y "servir mejor a los clientes". Hasta el cierre, ambas compa帽铆as operar谩n de manera independiente y no se anticipan cambios comerciales inmediatos para los clientes.
Una amplia cl谩usula de exenci贸n sobre declaraciones prospectivas enumera riesgos clave: la falta de obtenci贸n del voto de los accionistas, aprobaciones regulatorias, posibles litigios, interrupci贸n de operaciones actuales, retenci贸n de empleados y clientes, disponibilidad de financiamiento y posibles tarifas de terminaci贸n. Se insta a los accionistas a leer las pr贸ximas declaraciones preliminares y definitivas que contendr谩n todos los detalles de la transacci贸n propuesta.
El documento especifica que no se requiere tarifa de presentaci贸n y que esta comunicaci贸n no constituye una oferta o venta de valores. Participantes adicionales en la solicitud y sus participaciones ser谩n divulgados en futuros materiales de la SEC. En general, el documento sirve como un aviso temprano a las partes interesadas antes de los materiales de poder que buscar谩n la aprobaci贸n de los accionistas para la fusi贸n.
WK Kellogg Co (NYSE: KLG)電� Ferrero International S.A.鞐� 鞚橅暅 鞓堨爼霅� 鞚胳垬鞕� 甏�霠悳 於旉皜 甓岇湢 鞛愲毳� 韽暔頃橂姅 DEFA14A 靹滊毳� 鞝滌稖頄堨姷雼堧嫟. 2025雲� 7鞗� 10鞚� 靹滊獏霅� 頃╇硲 瓿勳暯 氚� 瓿勴殟鞐� 霐半澕 Ferrero鞚� 鞝勳暋 於滌瀽 鞛愴殞靷澑 Frosty Merger Sub臧� KLG鞐� 頃╇硲霅橂┌, KLG電� Ferrero鞚� 臧勳爲 鞝勳暋 於滌瀽 鞛愴殞靷皜 霅╇媹雼�. 2025雲� 7鞗� 14鞚检瀽 瓿犼皾 鞚措⿺鞚检棎靹滊姅 Ferrero臧� KLG鞚� 鞙犽獏頃� 鞁滊Μ鞏� 敫岆灉霌� 韽姼韽措Μ鞓�(Frosted Flakes庐, Rice Krispies庐, Kashi庐)毳� 於旉皜頃橃棳 攵侂 鞁滌灔 頇曥灔鞚� 於旍頃橂姅 鞝勲灥鞚� 鞛檿鞚疙晿氅�, 鞏戩浮鞚� 韱奠儊鞝侅澑 臁瓣贝瓿� 欤检＜ 鞀轨澑鞐� 霐半澕 2025雲� 頃橂皹旮� 瓯半灅 膦呺毳� 氇╉憸搿� 頃橁碃 鞛堧嫟瓿� 氇呾嫓頄堨姷雼堧嫟.
鞚� 旎る雼堨紑鞚挫厴鞚� 靸來樃 氤挫檮鞝侅澑 敫岆灉霌�, 鞝滌“ 攴滊 氚� 鞙犿喌 氩旍渼鞚� 瓴绊暕鞚� 韱淀暣 "順侅嫚鞚� 齑夓"頃橁碃 "瓿犼皾鞐愱矊 雿� 雮橃潃 靹滊箘鞀るゼ 鞝滉车"頃� 瓴冹溂搿� 旮半寑霅橂姅 鞚挫爯鞚� 臧曥“頃╇媹雼�. 瓯半灅 膦呺 鞝勱箤歆� 霊� 須岇偓電� 霃呺鞝侅溂搿� 鞖挫榿霅橂┌ 瓿犼皾鞐愱矊 歃夑皝鞝侅澑 靸侅梾鞝� 氤�頇旊姅 鞓堨儊霅橃 鞎婌姷雼堧嫟.
靸侂嫻顷� 氙鸽灅 鞓堨浮 歆勳垹 氅挫眳 臁绊暛鞐愲姅 欤检殧 鞙勴棙 鞖旍唽臧� 雮橃棿霅橃柎 鞛堨姷雼堧嫟: 欤检＜ 韴憸 氙鸽嫭靹�, 攴滌牅 鞀轨澑, 鞛犾灛鞝� 靻岇啞, 順勳灛 鞖挫榿 彀, 歆侅洂 氚� 瓿犼皾 鞙犾, 鞛愱笀 臁半嫭 臧�電レ劚 氚� 膦呺 靾橃垬耄� 臧�電レ劚. 欤检＜霌れ潃 鞝滌晥霅� 瓯半灅鞚� 氇摖 靹鸽秬 靷暛鞚� 韽暔霅� 鞓堨爼鞚� 鞓堧箘 氚� 斓滌 鞙勳瀯鞛� 鞛愲毳� 氚橂摐鞁� 鞚届潉 瓴冹潉 甓岅碃氚涥碃 鞛堨姷雼堧嫟.
靹滊鞐愲姅 鞝滌稖 靾橃垬耄岅皜 頃勳殧 鞐嗢溂氅�, 鞚� 旎る雼堨紑鞚挫厴鞚� 韱淀暣 歃濌秾鞚� 鞝滉车 霕愲姅 韺愲Г臧� 鞚措（鞏挫歆� 鞎婌潓鞚� 氇呾嫓頃╇媹雼�. 於旉皜 甓岇湢 彀胳棳鞛� 氚� 攴鸽摛鞚� 歆�攵勳潃 頄ロ泟 SEC 鞛愲鞐愳劀 瓿店皽霅� 鞓堨爼鞛呺媹雼�. 鞝勲皹鞝侅溂搿� 鞚� 氍胳劀電� 欤检＜ 鞀轨澑 鞖旍箔鞚� 鞙勴暅 鞙勳瀯鞛� 鞛愲鞐� 鞎烄劀 鞚错暣甏�瓿勳瀽霌れ棎瓴� 臁瓣赴 韱奠毳� 鞝滉车頃橂姅 鞐暊鞚� 頃╇媹雼�.
WK Kellogg Co (NYSE: KLG) a d茅pos茅 un formulaire DEFA14A contenant du mat茅riel de sollicitation suppl茅mentaire concernant son acquisition pr茅vue par Ferrero International S.A. Selon l'Accord et Plan de Fusion sign茅 le 10 juillet 2025, Frosty Merger Sub, une filiale enti猫rement d茅tenue par Ferrero, fusionnera avec KLG, faisant de KLG une unit茅 indirecte enti猫rement d茅tenue par Ferrero. L'email client joint, dat茅 du 14 juillet 2025, r茅affirme la strat茅gie de Ferrero d'茅tendre sa pr茅sence en Am茅rique du Nord en ajoutant le portefeuille bien connu de c茅r茅ales de KLG (Frosted Flakes庐, Rice Krispies庐, Kashi庐) et indique que les parties visent une cl么ture au second semestre 2025, sous r茅serve des conditions habituelles et de l'approbation des actionnaires.
La communication souligne les b茅n茅fices attendus tels que la combinaison de marques compl茅mentaires, l'茅chelle de fabrication et la port茅e de distribution pour "stimuler l'innovation" et "mieux servir les clients". Jusqu'脿 la cl么ture, les deux entreprises fonctionneront de mani猫re ind茅pendante et aucun changement commercial imm茅diat n'est pr茅vu pour les clients.
Une importante clause de non-responsabilit茅 relative aux d茅clarations prospectives 茅num猫re les principaux risques : 茅chec 脿 obtenir le vote des actionnaires, approbations r茅glementaires, litiges potentiels, perturbations des op茅rations actuelles, r茅tention des employ茅s et clients, disponibilit茅 du financement et 茅ventuels frais de r茅siliation. Les actionnaires sont invit茅s 脿 lire les prochaines d茅clarations pr茅liminaires et d茅finitives qui contiendront tous les d茅tails de la transaction propos茅e.
Le d茅p么t pr茅cise qu'aucun frais de d茅p么t n'est requis et qu'aucune offre ou vente de titres n'est r茅alis茅e par cette communication. Les participants suppl茅mentaires 脿 la sollicitation et leurs participations seront divulgu茅s dans de futurs documents de la SEC. Dans l'ensemble, le document sert d'avis pr茅coce aux parties prenantes avant les documents de procuration qui solliciteront l'approbation des actionnaires pour la fusion.
WK Kellogg Co (NYSE: KLG) hat ein DEFA14A eingereicht, das zus盲tzliches Werbematerial bez眉glich der geplanten 脺bernahme durch Ferrero International S.A. enth盲lt. Gem盲脽 der am 10. Juli 2025 unterzeichneten Fusionsvereinbarung wird Frosty Merger Sub, eine hundertprozentige Tochtergesellschaft von Ferrero, mit KLG verschmolzen, wodurch KLG eine indirekte, vollst盲ndig im Besitz von Ferrero befindliche Einheit wird. Die beigef眉gte Kunden-E-Mail vom 14. Juli 2025 best盲tigt erneut Ferreros Strategie, seine Pr盲senz in Nordamerika durch Hinzuf眉gen des bekannten Cerealien-Portfolios von KLG (Frosted Flakes庐, Rice Krispies庐, Kashi庐) auszubauen, und erkl盲rt, dass die Parteien eine Abschluss im zweiten Halbjahr 2025 anstreben, vorbehaltlich 眉blicher Bedingungen und der Zustimmung der Aktion盲re.
Die Mitteilung hebt erwartete Vorteile hervor, wie die Kombination komplement盲rer Marken, Fertigungskapazit盲ten und Vertriebsreichweite, um "Innovation voranzutreiben" und "Kunden besser zu bedienen". Bis zum Abschluss werden beide Unternehmen unabh盲ngig operieren, und f眉r Kunden sind keine unmittelbaren kommerziellen 脛nderungen vorgesehen.
Ein umfangreicher Hinweis zu zukunftsgerichteten Aussagen listet wesentliche Risiken auf: Ausbleiben der Aktion盲rszustimmung, beh枚rdliche Genehmigungen, m枚gliche Rechtsstreitigkeiten, St枚rungen des laufenden Betriebs, Bindung von Mitarbeitern und Kunden, Verf眉gbarkeit von Finanzierung und m枚gliche Vertragsstrafen. Aktion盲re werden aufgefordert, die bevorstehenden vorl盲ufigen und endg眉ltigen Vollmachtsunterlagen zu lesen, die alle Details der vorgeschlagenen Transaktion enthalten.
Die Einreichung stellt klar, dass keine Einreichungsgeb眉hr erforderlich ist und diese Mitteilung kein Angebot oder Verkauf von Wertpapieren darstellt. Weitere Teilnehmer an der Werbeaktion und deren Beteiligungen werden in zuk眉nftigen SEC-Unterlagen offengelegt. Insgesamt dient das Dokument als fr眉hzeitige Mitteilung an die Stakeholder vor den Vollmachtsunterlagen, die die Zustimmung der Aktion盲re zur Fusion einholen werden.
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FREE WRITING PROSPECTUS
Filed Pursuant to Rule 433
Registration Statement Nos. 333-268718 and 333-268718-01
Dated July 14, 2025 |
SUMMARY TERMS |
|
Issuer: |
BofA Finance |
Guarantor: |
BAC |
Underlying index: |
The Russell 2000® Index (Bloomberg symbol: “RTY”), a price return index |
Stated principal amount: |
$1,000.00 per Buffered PLUS |
Issue price: |
$1,000.00 per Buffered PLUS |
Pricing date: |
July 18, 2025 |
Original issue date: |
July 23, 2025 (3 business days after the pricing date) |
Maturity date: |
September 23, 2026 |
Payment at maturity: |
You will receive at maturity a cash payment per Buffered PLUS as follows:
●
If the final index value is greater than the initial index value:
$1,000 + leveraged upside payment
However, in no event will the payment at maturity exceed the maximum payment at maturity.
●
If the final index value is equal to or less than the initial index value, but is greater than or equal to 95% of the initial index value, meaning that the underlying index has not decreased by an amount greater than the buffer amount of 5% from the initial index value:
$1,000
●
If the final index value is less 95% of the initial index value, meaning that the underlying index has decreased by an amount greater than the buffer amount of 5% from the initial index value:
($1,000 × the index performance factor) plus $50.00
Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000.00. However, under no circumstances will the payment due at maturity be less than $50.00 per Buffered PLUS. |
Initial index value: |
The index closing value of the underlying index on the pricing date |
Final index value: |
The index closing value of the underlying index on the valuation date |
Buffer amount: |
5.00% |
Leveraged upside payment: |
$1,000.00 × leverage factor × index percent increase |
Index percent increase: |
(final index value – initial index value) / initial index value |
Index performance factor: |
Final index value divided by the initial index value |
Leverage factor: |
150.00% |
Maximum payment at
maturity: |
At least $1,172.50 per Buffered PLUS (at least 117.25% of the stated principal amount). The actual maximum payment at maturity will be set on the pricing date. |
Minimum payment at maturity: |
$50.00 per Buffered PLUS. |
Valuation date: |
September 18, 2026, subject to postponement as set forth in “Description of the Notes—Certain Terms of the Notes—Events Relating to Calculation Dates” in the accompanying product supplement. |
CUSIP / ISIN: |
09711JQB8 / US09711JQB88 |
Listing: |
The securities will not be listed on any securities exchange. |
Estimated value on the pricing date: |
Expected to be between $910.00 and $960.00 per $1,000 in principal amount of securities. See “Structuring the securities” in the preliminary pricing supplement. |
Preliminary pricing supplement |
https://www.sec.gov/Archives/edgar/data/70858/000191870425011106/form424b2.htm |
Hypothetical Payment at Maturity |
|
Change in the Performance of the Underlying Index |
Payment at Maturity |
+50.00% |
$1,172.50 |
+40.00% |
$1,172.50 |
+30.00% |
$1,172.50 |
+20.00% |
$1,172.50 |
+11.50% |
$1,172.50 |
+10.00% |
$1,150.00 |
0.00% |
$1,000.00 |
-5.00% |
$1,000.00 |
-6.00% |
$990.00 |
-10.00% |
$950.00 |
-20.00% |
$850.00 |
-30.00% |
$750.00 |
-40.00% |
$650.00 |
-50.00% |
$550.00 |
-60.00% |
$450.00 |
-70.00% |
$350.00 |
-80.00% |
$250.00 |
-90.00% |
$150.00 |
-100.00% |
$50.00 |
■ |
Your investment may result in a significant loss; the Buffered PLUS provide a minimum payment at maturity of only 5% of the stated principal amount. |
■ |
The return on the Buffered PLUS will be limited to the maximum payment at maturity. |
■ |
The Buffered PLUS do not bear interest. |
■ |
Your return on the Buffered PLUS may be less than the yield on a conventional debt security of comparable maturity. |
■ |
The payment at maturity will not reflect changes in the level of the underlying index other than on the valuation date. |
■ |
Any payments on the Buffered PLUS are subject to our credit risk and the credit risk of the guarantor, and any actual or perceived changes in our or the guarantor’s creditworthiness are expected to affect the value of the Buffered PLUS. |
■ |
We are a finance subsidiary and, as such, have no independent assets, operations, or revenues. |
■ |
The price to public you pay for the Buffered PLUS will exceed their initial estimated value. |
■ |
The initial estimated value does not represent a minimum or maximum price at which we, BAC, BofAS or any of our other affiliates would be willing to purchase your Buffered PLUS in any secondary market (if any exists) at any time. |
■ |
We cannot assure you that a trading market for your Buffered PLUS will ever develop or be maintained. |
■ |
Trading and hedging activities by us, the guarantor and any of our other affiliates, including BofAS, may create conflicts of interest with you and may affect your return on the Buffered PLUS and their market value. |
■ |
There may be potential conflicts of interest involving the calculation agent, which is an affiliate of ours. |
■ |
The securities are subject to risks associated with small-size capitalization companies. |
■ |
The publisher of the underlying index may adjust the underlying index in a way that affects its levels, and the publisher has no obligation to consider your interests. |
■ |
Governmental regulatory actions, such as sanctions, could adversely affect your investment in the Buffered PLUS. |
■ |
The U.S. federal income tax consequences of an investment in the Buffered PLUS are uncertain, and may be adverse to a holder of the Buffered PLUS. |
Source:
FAQ
What transaction did WK Kellogg Co (KLG) announce?
When is the Ferrero鈥揥K Kellogg merger expected to close?
Will there be immediate changes for WK Kellogg customers?
What brands are involved in the transaction?
What risks could prevent the merger from closing?
Where can shareholders find detailed proxy materials?
