6x revenue seems like a really high valuation, right? There's a physical product distributed via retail, we aren't talking tech margins. What's the value to Kellogg's?

My only guess is that Nutra Grain bars are being destroyed by Kind and their contemporaries. They need to compete in the category because they get some sort of incremental value when they own a number of different grocery departments. And their internal product development team just isn't very good.