Kraft Foods today (25 June) announced that it has commenced its exchange offer related to the split-off of its Post cereals business.

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The move, initially announced last November, will see Kraft distribute all outstanding shares of its subsidiary Cable Holdco, which owns some assets and liabilities of Kraft’s Post cereals business.


Cable will combine with cereal maker Ralcorp’s Ralcorp Mailman unit.


In the transaction, Kraft shareholders will have the option of exchanging some or all of their shares in Kraft for shares in Cable Holdco.


This exchange offer will allow shareholders to exchange their Kraft shares for shares of Cable Holdco at a 10% discount to the per share value of Ralcorp common stock, Kraft said in a statement.

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Following the merger, the Cable Holdco common stock will then immediately be exchanged for shares of Ralcorp common stock on a one-for-one basis.


Approximately 30.5m shares of Cable Holdco will be offered in exchange for Kraft common stock.