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SAN FRANCISCO -- Diamond Foods Inc. reported that its acquisition of the Pringles potato chip brand from Procter & Gamble is going to happen later than expected. The previously announced transaction was originally slated to close this December, but the companies now anticipate closing during the first half of 2012.
The two companies revised the closing date after the chairman of the audit committee of Diamond's board of directors received an external communication regarding Diamond's accounting for certain crop payments to walnut growers, according to the announcement. In response, Diamond's audit committee made the decision to investigate the issue.
The closing of the deal remains subject to customary closing conditions and completion of an exchange offer by Procter & Gamble, according to Diamond Foods. Required antitrust approvals have already been acquired.