Mars bites off Wrigley for $23 billion

MCLEAN, Va. Mars and Wrigley announced that under a merger agreement valued at approximately $23 billion. Wrigley will become a separate, stand-alone subsidiary of Mars. With $5.4 billion in sales, Wrigley is a world leader in gum and confections.

Under the terms of the agreement, unanimously approved by the boards of directors of both companies, shareholders of Wrigley will receive $80 in cash for each share of Common Stock and Class B Common Stock.  Based on Wrigley?s closing share price of $62.45 on April 25 and its three-month weighted average share price of $59.88, this represents a premium of 28.1% and 34%, respectively, to Wrigley stockholders.  The transaction is fully underwritten and not subject to financing conditions.

"When this transaction is completed, we will be proud to welcome Wrigley's associates to our company," said Paul Michaels, global president of Mars.  "The strong cultural heritage of two legendary American companies with a shared commitment to innovation, quality and best-in-class global brands provides a great basis for this combination.  We are looking forward to continuing on our path of growth by jointly developing those values even further."