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Unilever Rejects $143 Billion Kraft Offer As Bid Too Low

Unilever said it had received an offer of $50 per share, made up of $30.23 in cash and the remainder in stock in the new group, representing a premium of 18 percent.
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Unilever Rejects $143 Billion Kraft Offer As Bid Too Low
London: Unilever said it saw no merit in a proposed merger with U.S. food group Kraft Heinz Co after rejecting a $143 billion offer, saying it "fundamentally undervalues" the Anglo-Dutch consumer goods giant.

Unilever said it had received an offer of $50 per share, made up of $30.23 in cash and the remainder in stock in the new group, representing a premium of 18 percent.

"This fundamentally undervalues Unilever," it said on Friday. "Unilever rejected the proposal as it sees no merit, either financial or strategic, for Unilever's shareholders. Unilever does not see the basis for any further discussions."

© Thomson Reuters 2017

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