Corrects typo in headline to "unlikely" from "unlikley"
** WK Kellogg KLG.N flat at $22.85, near Ferrero Rocher's buyout offer of $23
** Brokerage BNP Paribas Exane says Ferrero Rocher's $3.1 bln offer is attractive and sees negligible antitrust concerns
** BNP doesn't expect higher bids given the U.S. cereal industry's growth challenges
** Says Ferrero Rocher's investment will help KLG compete with General Mills GIS.N, but says major players supporting U.S. cereal space is a "good thing"
** BNP raises KLG to "neutral"; hikes PT from $14 to $23, in line with offer price
** Two other brokers also have $23 PT, but average PT of 8 analysts overall is just over $18 -LSEG data
** KLG rallied 31% on Thurs after offer, swinging to 27% YTD gain vs 4.2% rise in S&P 1500 consumer staples index .SPCOMS
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
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