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Strategies & Market Trends : Puff Daddy's Mo' Money Mo' Problems
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To: The Phoenix who wrote (889)6/25/2000 4:16:00 PM
From: Xpiderman   of 896
 
Sunday June 25, 3:11 pm Eastern Time

Philip Morris Acquires Nabisco for $55.00 Per Share in Cash and Plans for IPO of Kraft

NEW YORK--(BUSINESS WIRE)--June 25, 2000--Philip Morris Companies Inc. (NYSE: MO - news) today announced that it entered into definitive agreements with Nabisco Group Holdings (NYSE: NGH - news) and Nabisco Holdings Corp. (NYSE: NA - news) to acquire all outstanding shares of Nabisco Holdings Corp. for $55.00 per share in cash. The transaction reflects an enterprise value of $18.9 billion, which includes the assumption of approximately $4.0 billion in net debt.

Geoffrey C. Bible, chairman and chief executive officer, Philip Morris Companies Inc. said, ``The acquisition of Nabisco coupled with our plans for an IPO of what will be the world's most profitable food company is truly compelling from a strategic, financial and shareholder value perspective. The combination of Kraft and Nabisco will create the most dynamic company in the food industry both in terms of absolute earnings levels and revenue and earnings growth rates. The IPO will underscore the value of our tremendous food assets and will preserve our flexibility and financial wherewithal to enhance Philip Morris' shareholder value. We firmly intend to continue rewarding our shareholders with our share repurchase and dividend programs.''

Full Story see: biz.yahoo.com
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