Acquired
Mars Inc. (the chocolate story)
Ben Gilbert
I'll pull a playbook theme forward, which is that this company obviously grows through inorganic acquisitions. So in buying Wrigley, Royal Canin, VCA, all these... Mars itself. Mars itself. They've kind of overpaid on a price-to-earnings basis. I mean, Wrigley was a 35x and a 27% premium over the public valuation. Royal Canin was a 39x.
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