|
|
Article: KRAFT REJECTS PHILIP MORRIS BUYOUT OFFER.(Main)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- October 24, 1988
CopyrightCOPYRIGHT 1988 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Robert J. Cole New York Times
Moving swiftly to preserve its independence and head off an $11.5 billion takeover attempt by the Philip Morris Cos., Kraft Inc. announced on Sunday that its directors had rejected the $90-a-share bid and would instead offer stockholders a dividend package it valued at more than $110 a share, or $14 billion.
It would be by far the largest restructuring in corporate history.
Philip Morris had no immediate comment but would now have to raise its offer substantially if it hopes to take over Kraft.
Saying that its huge new dividend package was part of a restructuring, Kraft said it would proceed "on an ...