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Mars’ $23 billion buyout of Wrigley gives investors something to chew on
THE NEWS TRIBUNE
Published: April 29th, 2008 01:00 AM
Mars Inc., backed by billionaire Warren Buffett, agreed to buy Wm. Wrigley Jr. Co. for $23 billion to create the world’s biggest candy maker.
Wrigley surged 23 percent in New York trading Monday after the companies said Mars would pay $80 for each of the gum maker’s shares. Mars is offering 28 percent more than Chicago-based Wrigley’s closing price on April 25.
The combined company will have $27 billion in annual sales and 14 percent of the world’s candy market.
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