US: Kraft Foods announces final proration for Post exchange

By: just-food.com | 7 August 2008

Kraft Foods yesterday (6 August) announced that the final proration factor related to the split-off of the Post cereals business is 8.02%.

A total of 568,543,287 common shares of Kraft were validly tendered in exchange for 30,466,805 shares of Cable Holdco common stock.

Cable Holdco was a wholly owned subsidiary of Kraft that owned certain assets and liabilities of the Post cereals business.

On 4 August Cable Holdco was merged into a subsidiary of Ralcorp Holdings. Under the terms of the offer, 0.6606 shares of Cable Holdco were exchanged for each Kraft common share accepted in the offer.

Kraft was able to accept a maximum of 46,119,899 Kraft shares for exchange in the exchange offer.

Under the terms of the offer, fractional shares of Ralcorp common stock will not be issued. Instead, fractional shares will be aggregated and sold, and the net cash proceeds of such sale will be distributed to tendering shareholders with fractional interests.

Sectors: Dairy

Companies: Kraft Foods, Ralcorp