Dena Jalbert reacts to Ferrero buying WK Kellogg (KLG) at $23/share, a 40% premium. Part of the premium, she argues, is because the deal lets Ferrero enter the U.S. breakfast market – and another part is KLG’s existing debt. She thinks this was a “specific and intentional” deal and doesn’t think KLG is looking for other merger offers. She talks about global consumer tastes and Kellogg’s healthy options in addition to the sugary. Dena also discusses pricing power for consumer staples companies.