Summary
This Form 8-K filing from Kraft Foods Inc. (the predecessor to Mondelez International, Inc. for this filing's context) on February 3, 2010, primarily announces the successful completion of its recommended final offer for Cadbury plc. The company received valid acceptances for approximately 71.73% of Cadbury's issued share capital, making the offer unconditional. This significant acquisition positions Kraft Foods to substantially expand its global confectionery business. The filing also notes that the offer will remain open for further acceptances, with at least 14 days' notice required before closure. Investors should note that the full financial statements and pro forma information related to the Cadbury acquisition will be filed separately within 71 days, which will provide crucial details on the financial impact of this major transaction.
Key Highlights
- 1Kraft Foods Inc. announced that its recommended final offer for Cadbury plc has been accepted for 71.73% of Cadbury's issued share capital as of February 2, 2010.
- 2All conditions related to the recommended final offer for Cadbury have been satisfied or waived, making the offer unconditional.
- 3The offer terms included 500 pence in cash and 0.1874 shares of Kraft Foods common stock per Cadbury ordinary share, or 2,000 pence in cash and 0.7496 shares of Kraft Foods common stock per Cadbury ADS.
- 4If fully accepted, the acquisition would result in the issuance of approximately 265 million shares of Kraft Foods common stock and approximately £7.1 billion in cash.
- 5The recommended final offer for Cadbury will remain open for acceptance until further notice, with a minimum of 14 days' notice required for closure.
- 6Kraft Foods Inc. will file the required financial statements and pro forma financial information for the acquired Cadbury business within 71 days.
- 7The filing is formally from Kraft Foods Inc., which later became Mondelez International, Inc. after a spin-off.