INTERNATIONAL. Kraft Foods’ take-over of Cadbury plc has been sealed as Cadbury shareholders voted in favour of the deal.
By 1.00 pm (London time) on 2 February, Kraft Foods had received valid acceptances of the offer in respect of a total of 987,684,041 Cadbury Shares, representing about 71.73% of Cadbury’s issued share capital. Kraft’s final offer will remain open until further notice, and at least 14 days’ notice will be given if Kraft Foods decides to close the offer, it said.
Kraft Foods Chairman and CEO Irene Rosenfeld said: “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.
“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.”
Once 75% of shareholders have accepted the deal Kraft Foods intends apply for the cancellation of the listing of Cadbury shares on the Stock Exchange.
Once it reaches 90% acceptances Kraft can acquire compulsorily any outstanding Cadbury shares.
As previously reported, Kraft raised its offer for Cadbury to 840 pence per share on 19 January.
MORE STORIES ON THE KRAFT-CADBURY DEAL
Kraft set to snap up Cadbury; deal agreed at 840 pence per share
Cadbury urges shareholders to reject Kraft’s “˜derisory’ offer – 12/01/10
Kraft Foods sweetens bid for Cadbury as Nestlé drops out of the running – 05/01/10
Hostilities increase as Kraft slams Cadbury defence – 15/12/09
