MKC Shares Jump After Hours on Reports of Imminent Unilever Deal

Shares of McCormick (MKC) rose 2% after hours on Monday following reports that a deal between the company and Unilever (UL) could be announced as soon as Tuesday,

The Wall Street Journal reported, citing people familiar with the matter, that Unilever is in advanced talks to merge its food business with McCormick in a deal that would make a new food company worth about $60 billion, including debt.

Under the deal, Unilever shareholders are expected to own about two-thirds of the new business, the report said. It noted that the deal includes a $16 billion cash component while also adding Unilever board met on Monday afternoon to review details of the transaction. 

Get updates to this developing story directly on Stocktwits.