October 24, 1988 |
In a dramatic bid for independence, food and dairy giant Kraft Inc. rejected an $11.8-billion takeover by Philip Morris Cos. on Sunday and announced instead a major corporate overhaul that it said would plunge the company deeply into debt. Kraft said the plan would be worth an extra $20 per share to its stockholders, compared to the Philip Morris offer. But it said the restructuring would involve the sale of assets accounting for about 20% of earnings and would put the company more than $12.
October 18, 1988 |
Philip Morris Cos., the tobacco and consumer products giant, announced on Monday an $11.8-billion cash bid to take over Kraft Inc., the cheese and ice cream maker, in what would be the second largest merger in U.S. history. If approved, the deal would bring together a grocery basket full of household brand names, including Kraft's lineup of dairy products and Philip Morris' Maxwell House, Sanka, Oscar Mayer, Post cereals, Jell-O desserts, Miller beer and more.
June 13, 2001 |
Kraft Foods Inc., the No. 1 U.S. food maker whose products include Oreo cookies, raised $8.68 billion on Tuesday in the second-biggest U.S. initial public stock offering. Northfield, Ill.-based Kraft sold 280 million shares at $31 each, the top of its increased price range, in the largest IPO since AT&T Wireless Group (ticker symbol: AWE) raised $10.6 billion in April 2000.
October 19, 1988 |
Facing a surprise takeover offer from Philip Morris Cos., Kraft saw its stock price leap $28.125 a share on Tuesday as Wall Street analysts predicted that the food company's days as an independent firm may be nearing an end. Meanwhile, Philip Morris Chairman Hamish Maxwell said he will vigorously pursue Kraft, an acquisition that would vault his firm, already the nation's largest consumer products firm, past Unilever, the Anglo-Dutch firm, to become the world's largest.
March 18, 1997 |
Lunchables, a package of meat, cheese and crackers sold by the Kraft unit of Philip Morris Cos., contains enough salt to raise blood pressure in certain laboratory rats and may pose a health risk to some humans, a Wisconsin physician said Monday. Lunchables "may be a dangerous snack for families with a history of high blood pressure," Dr. Clarence Grim of the Medical College of Wisconsin said at a news conference at a meeting of the American College of Cardiology in Anaheim.
October 26, 1988 |
You may think the current wave of multibillion-dollar takeovers has gone as far as it can go. But, truth is, you're likely to see a lot more big-deal buyouts. For what the $20-billion bid for RJR Nabisco and the $14-billion tussle between Philip Morris and Kraft represent is a historic shift in ownership and control of American industry. Company managements and Wall Street investment bankers are offering big bonuses to stockholders in a bid to buy or maintain control of corporations.