New York: A large majority of the shareholders of Cadbury have accepted the 11.9-billion-pound takeover bid of the British chocolate maker by the American food major
Kraft Foods.
As on February 2--the last day for accepting the Kraft offer--the American food company received "valid acceptance" of the offer from as 71.73 per cent of Cadbury shareholders,
Kraft said in statement here today.
Kraft required only 50 per cent support from the Cadbury shareholders to take over the British confectionery major. The takeover will create one of the largest food companies in the world.
Out of 987.68 million Cadbury shareholders who accepted the buyout deal, a large majority of 732.86 million opted to receive more Kraft shares rather than cash, while only 59.69 million Cadbury shareholders opted to receive more cash, the statement added.
Accordingly, Cadbury shareholders who opted to receive new Kraft Foods shares will get 0.202664 new Kraft shares and 475 pence in cash per Cadbury share and those who want
additional cash will get 799 pence in cash per Cadbury share, Kraft added.
PTI
First Published: Wednesday, February 03, 2010, 19:01