Having acquired 71.73 percent of Cadbury shares, Kraft announced today that its offer for the remaining shares was now wholly unconditional
By Chris Farnell
As of 1.00 pm London time, yesterday, Kraft Foods had received valid acceptances of the offer that accounted for 987,684,041 Cadbury Shares, approximately 71.73 percent of the existing issued share capital of Cadbury.
The offer for the remaining shares will stay open until further notice, with Kraft saying it will give 14 days notice if it decides to close the offer.
Once Kraft has acquired 75 percent of Cadbury’s shares, it intends to apply for the cancellation of the listing of Cadbury Shares on the Official List and the trading on the London Stock Exchange for listed securities.
Once Cadbury shares are completely delisted, the company will re-register as a private company.
Kraft has also announced that should it acquire 90 percent of the shares, all remaining shares will be subject to compulsory acquisition.
Commenting on the offer, Irene Rosenfeld, Chairman and CEO of Kraft Foods 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."
Edited by Ellie Duncan
Source: http://www.cadburyinvestors.com/