Article: Philip Morris and Kraft reach agreement on $13.1 billion merger; tender offer raised to $106 per share.

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 ...

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