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Article: Philip Morris' Kraft Foods Wins Bidding War to Acquire Nabisco for $18.9 Billion.
- Article from:
- Food & Drink Weekly
- Article date:
- July 3, 2000
CopyrightCOPYRIGHT 2000 Informa Economics, Inc. 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)
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"What better combination is there than Kraft cheese and Ritz crackers?" asked Geoff Bible, chairman and chief executive officer, Philip Morris when he announced that Philip Morris Companies Inc. will acquire all outstanding shares of Nabisco Holdings Corp. for $55.00 per share in cash, or $14.9 billion plus the assumption of $4 billion in debt for a total of $18.9 billion. The complicated deal also calls for the sale of Nabisco Group Holdings to its former nit, R.J. Reynolds Tobacco Holdings Inc. for $9.8 billion. That transaction values the holding company at $30 a share.
As part of the acquisition, which Philip Morris expects to be completed by October, Nabisco ...