General Mills to Buy Natural Pet Food Company Blue Buffalo for $8 Billion Blue Buffalo's shares surged more than 16 percent on Friday morning, while General Mills shares fell 3.5 percent. The breakfast cereal manufacturer will pay $40 per Blue Buffalo share. The company anticipates the deal will close by the end of 2018. Blue Buffalo sells a wide variety of pet food products, including veterinary diet goods. Pet food and care continues to grow in the consumer industry, just look at the 58 percent rise in Blue Buffalo's stock in the past six months. According to Nielsen, $20 billion was spent on pet care in 2017, with $10 billion of that sum spent on dog food.