M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

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Tuesday, January 19, 2010

Keep Cadbury British...

Keep Cadbury Birtish! ... or not.  I suppose everything has its price, even national icons.  In this case, the price is about $19 billion.  Cadbury's board just unanimously recommended Kraft's offer to its shareholders.   Summary of the terms from the Kraft "micro-site" is below:

    • Under the terms of the Final Offer, Cadbury Securityholders will be entitled to receive:
        
      for each Cadbury Share500 pence in cash
      and
      0.1874 New Kraft Foods Shares
        
      for each Cadbury ADS2,000 pence in cash
      and

      0.7496 New Kraft Foods Shares
        
      representing, in aggregate, 840 pence per Cadbury Share and GBP 33.60 per Cadbury ADS. 
       
    •  In addition, Cadbury Shareholders will be entitled to receive 10 pence per Cadbury share by way of a Special Dividend following the date on which the Final Offer becomes or is declared unconditional.  
You can listen to the Kraft webcast/conference call discussing the transaction here.

-bjmq

Video - Sky breaking the news...

http://lawprofessors.typepad.com/mergers/2010/01/keep-cadbury-british.html

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