Wednesday, Kraft Foods Inc. (KFT) it would settle valid elections under the Mix and Match Facility received in the Cadbury plc (CBY, CBRY.L) transaction between February 23, 2010 and on March 2, 2010 together on the same settlement date. Accordingly, to the extent possible, each election received under the Mix and Match Facility during this period will be off-set against the other such elections received during this period.
The Northfield, Illinois-based company made the announcement while revealing details of elections under the Mix and Match Facility received during the subsequent offer period to tender shares of the U.K.-based confectioner Cadbury plc (CBY, CBRY.L).
Kraft Foods said that during the period valid elections for additional New Kraft Foods Shares under the Mix and Match Facility had been received in respect of about 5.01 million Cadbury Shares and valid elections for additional cash under the Mix and Match Facility had been received in respect of around 1.01 million Cadbury Shares, including Cadbury ADSs.
Kraft Foods also said the Mix and Match Facility would remain open until the end of the Subsequent Offer Period.
Further, Kraft Foods said that for each of the Cadbury Share, the shareholders will receive 0.225217 New Kraft Foods Shares and GBP 4.397184 in cash, and for each of Cadbury ADS, shareholders will receive 0.900868 New Kraft Foods Shares and GBP 0.900868 in cash.
Cadbury shareholders who have made an election to receive additional cash under the Mix and Match Facility will receive GBP 7.987146 in cash per Cadbury share and GBP 31.948584 in cash per Cadbury ADS, in each case in respect of which a valid election has been made.
Earlier on January 22, while providing details related to mix and match facility, Kraft said excluding the special dividend of 10 pence per Cadbury share, based on January 21 closing price of US$ 28.24 per Kraft Foods share, Kraft valued its offer at 827 pence per Cadbury Share and GBP 33.08 per Cadbury ADS.
KFT is currently trading at $29.04, up $0.13 or 0.45%, on a volume of 1.79 million shares on the NYSE.
CBY is trading at $51.80, up $0.28 or 0.54%, on a volume of 19,467 shares on the NYSE, while CBRY.L is trading at 861.50 pence, down 3.50 pence or 0.40% on the London Stock Exchange.
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