WK Kellogg Co. jumped nearly 30% on July 10 following the announcement from Italian food leader Ferrero regarding a $3.1 billion acquisition, inclusive of debt.

The transaction marks the end of Battle Creek's run as a quintessential company town in Michigan, where the name "Kellogg" graces almost everything.

The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.

Vassallo is disappointed in the potential sale, telling News Channel 3 that WK Kellogg is a longtime staple in town, and is what the "cereal city" was built off of. "I remember the stories of the original Mr. Kellogg, of how community oriented he was in supporting the schools, the churches, the community," Vassallo said.

Kellogg shares rocketed higher after the company announced it was being acquired for $23. Shares of cereal maker WK Kellogg (NYSE: KLG) rose 34% this week as of noon E.T. Thursday, according to data provided by S&P Global Market Intelligence.