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;))