MISSION WOODS, KAS. — The acquisition of Cereal Food Processors, Inc. by Milner Milling Co. and Pendleton Flour Mills is set to be completed May 8, said Charles B. Stout, chief executive officer of Milner and Pendleton.

Mr. Stout said the companies have received notification of the expiration of the Hart-Scott-Rodino Act waiting period. A formal announcement of the transaction will be made May 8 at C.F.P. headquarters in Mission Woods, Kas., and a new name for the combined business will be announced at that time, Mr. Stout said.

Plans for the acquisition were first announced March 10. The transaction will nearly triple the combined size of Milner/PFM. Once the transaction is completed, the new company will have daily milling capacity of 164,000 cwts of flour and will lag only ADM Milling Co. (281,100 cwts) and Ardent Mills (expected to have capacity of 513,600 cwts). The formation of Ardent remains subject to regulatory approval.

Based in Chattanooga, Milner Milling is a privately owned milling business with flour mill locations in Barnesville, Ga. (actually situated between Barnesville and Milner, Ga.); Rome, Ga.; and Birmingham, Ala. Milner also is a 50% managing owner of Pendleton Flour Mills L.L.C., which owns flour mills in Pendleton, Ore.; Honolulu; and Blackfoot, Idaho. Kerr-Pacific Corp., Portland, is the other partner in Pendleton.