June 23, 2000 |
Financier Carl Icahn raised his offer for Nabisco Group Holdings and said late Thursday that he could increase it even more. But the bids reportedly made by Philip Morris Cos. and a venture of France's Danone and Britain's Cadbury Schweppes for food maker Nabisco Holdings disappointed Wall Street. Nabisco Holdings, which makes Ritz crackers, Oreo cookies and LifeSavers candy, is 80.6% owned by Nabisco Group.
August 22, 2000 |
* Philip Morris Cos. and Nabisco Holdings Corp. received a request for additional information from the Federal Trade Commission regarding Philip Morris' proposed $18.9-billion purchase of the snacks and cookie maker. On the NYSE, Philip Morris rose 19 cents to close at $32.19, while Nabisco Holdings fell 31 cents to $53.63, and its parent, Nabisco Group Holdings Corp., fell 13 cents to $28.31.
December 8, 2000 |
The Federal Trade Commission approved the sale of Nabisco Holdings Corp. to Philip Morris Cos. on the condition the firms make five divestitures in overlapping product lines. The companies must sell Royal Brand gelatin dessert mix, Royal Brand dry mix pudding, Royal Brand no-bake dessert and Davis & Fleischmann's baking powder and Icebreaker mints. The divestitures must be completed within 10 business days of the time they complete the merger. Shareholders of both firms approved the deal Oct.
June 16, 1999 |
RJR Nabisco Holdings Corp.'s largest shareholder, financier Carl Icahn, sold his 8% stake in the company as it split into separately traded food and tobacco businesses. Icahn, who for four years had tried to wrest control of RJR, pocketed a $130-million profit from selling his 25.7 million shares at $31.87 per share minutes before the close of trading Monday. Icahn's sale comes as R.J. Reynolds Tobacco Holdings Inc., the No. 2 U.S.
May 12, 2000 |
Brokerage Merrill Lynch on Thursday added fuel to speculation that the U.S. food industry is poised for more consolidation, naming cereal and beverage company Quaker Oats (OAT) and pet food giant Ralston Purina (RAL) as prime takeover targets for European shoppers. Merrill's report on potential food targets came on the heels of last week's $18.
May 6, 2000 |
Nabisco Group Holdings Corp., whose shares have almost doubled since financier Carl Icahn began a takeover attempt five weeks ago, said Friday that other groups may bid for the company, its snack unit or other assets. "We've received lots of interest," said spokesman Hank Sandbach, who declined to give additional specifics. Nabisco Group last month said it will consider options such as selling itself or its only asset: an 80.5% stake in Nabisco Holdings Corp.