BY MID-AFTERNOON on October 4 General Mills’ stock price had started to go up. It was a heartening sign for the investment bankers at the four lead underwriters marketing a $2.3 billion concurrent convertible and General Mills common stock secondary offering. It brought a sense of justification to an execution strategy that had been three years in the planning and relief that it all seemed to be working on the day.
General Mills stock had been flat for most of the year, underperforming the food sector index.
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