Candy maker Mars on Monday said it was acquiring gum maker William Wrigley Jr. Co.(WWY Quote) for $23 billion in cash, aided by financing and an investment from Warren Buffett's Berkshire Hathaway(BRK.A Quote)
Mars will pay $80 for each share of Wrigley stock, a more than 28% premium to Wrigley's closing price of $62.45 Friday. The deal is fully underwritten by Berkshire, Goldman Sachs(GS Quote) and JPMorgan Chase(JPM Quote) and is not subject to financing conditions, the companies said.
Mars will provide $11 billion of funding for the transaction and Goldman will provide a $5.7 billion committed senior debt facility. Berkshire will provide $4.4 billion in subordinated debt and at closing will invest $2.1 billion in Wrigley, which will become a standalone subsidiary of Mars. ...
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