Kraft Foods starts split-off exchange offer for the Post Cereals business
Dated: 26 June 2008
Kraft Foods Inc. has announced that it has commenced its exchange offer related to the split-off transaction of its Post cereals business.
The split-off transaction is in connection with the merger of Cable Holdco, Inc., a wholly owned subsidiary of Kraft that will own certain assets and liabilities of the Post cereals business, and a subsidiary of Ralcorp Holdings, Inc.
Kraft has previously announced it has entered into a definitive agreement on November 15, 2007, to distribute and merge its Post cereals business into Ralcorp. In this split-off transaction, Kraft shareholders will have the option to exchange some or all of their shares of Kraft common stock and receive shares of Cable Holdco common stock.
The value of Kraft shares and Cable Holdco common stock will be calculated using the simple arithmetic average of the daily volume-weighted average prices of Kraft common stock and Ralcorp common stock on the New York Stock Exchange on the last three trading days of the offer.
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