Kraft Foods Acquires Cadbury

Topics: Investment banks, Stock market, Primary dealers Pages: 1 (276 words) Published: November 12, 2010
Kraft Foods, Inc., a US-based food and beverage company, has acquired Cadbury plc, a UK-based confectionery company, for approximately $19,413.30 million.

Earlier, Kraft Foods has received valid acceptances of a total of 987,684,041 Cadbury plc shares (including those represented by Cadbury American Depositary Shares (ADSs)), representing approximately 71.73% of the existing issued share capital of Cadbury. Cadbury is a UK-based confectionery company.

Update on January 19, 2010:
Kraft Foods has announced the terms of the final offer to acquire the entire issued and to be issued share capital of Cadbury.

Under the terms of the final offer, Cadbury securityholders will be entitled to receive GBP5 in cash and 0.1874 new Kraft Foods shares and for each American Depositary Share (ADS) Cadbury shareholders will receive GBP20 in cash and 0.7496 new Kraft Foods shares. Based on the closing share price of $29.58 per Kraft Foods share on January 15, 2009, the offer values each Cadbury share at GBP8.4 and values the entire issued share capital of Cadbury at approximately GBP11,900 million.

Lazard & Co., Limited, Citigroup Global Markets Limited, Centerview Partners LLC, Deutsche Bank AG, Barclays Capital, Houlihan Lokey and Ernst and Young LLP are acting as financial advisors, while Clifford Chance LLP, Cravath, Swaine & Moore LLP, Gibson, Dunn & Crutcher LLP and Arnold & Porter LLP are acting as legal advisors to Kraft Foods. Brunswick Group is acting as public relations advisor to Kraft Foods.

Goldman Sachs, Morgan Stanley, and UBS AG are acting as financial advisors. Freehills, Slaughter and May and Shearman & Sterling LLP are acting as legal advisors to Cadbury on this transaction.
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