Kraft Foods
It was in the news after it announced a take over of Cadburys worth 19.5 billion USD.
It was in the news after it announced a take over of Cadburys worth 19.5 billion USD.
The board of British confections company Cadbury plc has agreed to accept a takeover offer from Kraft Foods Inc. worth $19.5 billion.
Northfield, Ill.-based Kraft (NYSE: KFT), the food company giant that owns Oscar Mayer Foods Corp. in Madison, had been pursuing an unsolicited takeover for months. Kraft’s unsolicited bid for Cadbury came to light in early September, when Kraft's offer was worth $16.7 billion. Milwaukee-based Artisan Funds, one of Cadbury’s largest shareholders, had supported that previous bid, which was rejected by Cadbury.
Kraft said it will use some of the net proceeds from the planned $3.7 billion sale to Nestle of its North American pizza business, which includes two plants in Wisconsin, to raise the cash component of the Cadbury offer. That agreement was announced Jan. 5.
Kraft Foods management said the transaction would create “a global powerhouse in snacks, confectionery and quick meals, with an exceptional portfolio of leading brands.” The combined company would have a confection portfolio of more than 40 brands, each of which have annual sales exceeding $100 million, according to Kraft.
Northfield, Ill.-based Kraft (NYSE: KFT), the food company giant that owns Oscar Mayer Foods Corp. in Madison, had been pursuing an unsolicited takeover for months. Kraft’s unsolicited bid for Cadbury came to light in early September, when Kraft's offer was worth $16.7 billion. Milwaukee-based Artisan Funds, one of Cadbury’s largest shareholders, had supported that previous bid, which was rejected by Cadbury.
Kraft said it will use some of the net proceeds from the planned $3.7 billion sale to Nestle of its North American pizza business, which includes two plants in Wisconsin, to raise the cash component of the Cadbury offer. That agreement was announced Jan. 5.
Kraft Foods management said the transaction would create “a global powerhouse in snacks, confectionery and quick meals, with an exceptional portfolio of leading brands.” The combined company would have a confection portfolio of more than 40 brands, each of which have annual sales exceeding $100 million, according to Kraft.
news coutesy bizjournals.com
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