| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: FOOD PRODUCTS |
Kraft seals Cadbury deal with 72% take-up |
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Tue 02 Feb 2010
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LONDON (SHARECAST) - Kraft's offer for British confectioner Cadbury has become unconditional on Tuesday after the US food giant secured acceptances from 71.73% of Cadbury's shareholders.
Kraft said it had received valid acceptances in respect of a total of 987,684,041 Cadbury shares as at 1.00pm on 2 February.
‘The combination of Kraft Foods and Cadbury creates a global powerhouse in snacks, confectionery and quick meals. Together we have impressive global reach and an unrivalled portfolio of iconic brands, with tremendous growth potential,’ said Irene Rosenfeld, chairman and CEO of Kraft.
‘I warmly welcome Cadbury employees into the Kraft Foods family and look forward to meeting many of them in the days and weeks ahead. This combined company has a phenomenal future, and I firmly believe it will deliver outstanding returns to our shareholders,’ she added.
The offer will remain open until further notice and Kraft advised Cadbury securityholders who have not yet accepted the offer to do so without delay.
Cadbury had already given the thumbs up to a revised offer from the American processed food firm which values the company at 850p a share.
Holders of the London listed shares can receive 799p per share in cash, while holders of the American Depositary Shares (ADSs) may elect to receive 3,195p per ADS.
In both cases the cash values quoted exclude the 10p special dividend.
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