Business
Wrigley board approves merger with Mars
Chicago | May 10, 2008 12:01:13 AM IST
Chicago chewing gum maker Wm. Wrigley Jr. Co. announced Monday it had agreed to a merger with Mars, Inc. for $23 billion. The merger combines Mars, maker of M&M's Snickers and Skittles, with Wrigley, makers of makes LifeSavers, Altoids and various brands of chewing gum. The terms, unanimously approved by Wrigley's board of directors, includes $80 cash for each share of common stock. Wrigley's average share was valued at $62.45 on Friday, a company release said. This is a great transaction at a great price, Executive Chairman Bill Wrigley Jr. said in the the statement. The sale would turn publicly owned Wrigley over to one of the world's premier family-owned companies, the release said. Mars and Wrigley have much more in common than multi-generational family leadership and significant global footprints, said Paul S. Michaels, president of Mars Global. We share common values and ways of doing business. Funding for the deal includes minority equity interest of $2.1 billion from Berkshire Hathaway, controlled by the world's richest man, Warren Buffet. Those of you who know me, know that I have been a big fan of Wrigley's business model for many years and I love their products, Buffett said. (UPI)
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