UPDATE: Mars To Acquire Wrigley for $80 Per Share, Buffett's Berkshire To Take Stake
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UPDATE: Mars, Inc. announced a merger agreement with Wm. Wrigley Jr. Company (NYSE: WWY) in a transaction valued at approximately $23 billion, or $80 per share in cash.
The deal represents a 28.1% premium to Friday's close of $59.88.
Financing for the transaction will be provided by Warren Buffett's Berkshire Hathaway, Goldman Sachs and JPMorgan. At closing, Berkshire Hathaway will make a minority equity investment in the Wrigley subsidiary.
The proposed transaction is subject to customary closing conditions, including approval by Wrigley stockholders and certain governmental and agency regulatory clearances. Both parties hope to close the transaction within six to twelve months. [LJ]
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