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Article: Philip Morris and Kraft reach agreement on $13.1 billion merger; tender offer raised to $106 per share.
- Article from:
- PR Newswire
- Article date:
- October 31, 1988
CopyrightCOPYRIGHT 1988 PR Newswire Association LLC. 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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PHILIP MORRIS AND KRAFT REACH AGREEMENT
ON $l3.l BILLION MERGER
Tender Offer Raised to $106 Per Share
NEW YORK, Oct. 30 /PRNewswire/ -- Philip Morris Companies Inc. (NYSE: MO) and Kraft, Inc. (NYSE: KRA) jointly announced today that they have signed a definitive merger agreement under which a wholly-owned subsidiary of Philip Morris is increasing the cash price to be paid in its outstanding tender offer for all Kraft shares to $l06 per share from $90. The total value of the transaction is approximately $l3.l billion.
The board of directors of Kraft has determined that the terms of the offer and the merger ...