Wrigley shareholders approve Mars deal
Wm. Wrigley Jr. Company (NYSE: WWY) announced overnight that its shareholders have overwhelmingly approved the adoption of the merger agreement with Mars, Incorporated.The combination of two of the globe’s most famous companies, will create a $27 billion food company and the world’s largest confectionery company.
“We are pleased with the outcome of today’s vote,” said Bill Wrigley, Jr., Executive Chairman and Chairman of the Board. “On behalf of the Company’s Board of Directors, we deeply appreciate the support of our stockholders and Wrigley associates around the world throughout this process. The Wrigley team is looking forward to completing the transaction and beginning the next, exciting chapter for the Company and its brands.”
Under the terms of the agreement, first announced in April, Wrigley stockholders will receive $80 cash for each share of stock – valuing Wrigley at US$23 billion. Wrigley will become a subsidiary of privately held Mars, Incorporated, adding a number of brands to its portfolio – including Starburst(R) and Skittles(R), and remaining headquartered in Chicago.
Following the successful vote, both parties intend to complete the merger on Monday, October 6, 2008.