Wrigley shareholders vote for $23 billion sale to Mars

26 September 2008

Mumbai: Shareholders of Wm Wrigley Jr Co have approved the company's $23 billion sale to Mars Inc, a move that will end more than a century of family control as the chewing-gum company becomes part of what will now be the world's largest candy maker.

Wrigley, which makes chewing gums like Juicy Fruit and Big Red and privately held Mars, which makes brands like M&Ms, Snickers and Skittles, said both parties intend to complete the merger by 6 October 2008.

A merged entity will replace UK's Cadbury Plc as the world's top candy-making slot.

''We are pleased with the outcome of today's vote,'' said Bill Wrigley, Jr, executive chairman and chairman of the board. ''On behalf of the company's board of directors, we deeply appreciate the support of our stockholders and Wrigley associates around the world throughout this process. The Wrigley team is looking forward to completing the transaction and beginning the next, exciting chapter for the company and its brands,'' he said.

Under the terms of the agreement - announced way back on 28 April 2008 - Wrigley stockholders will receive $80 in cash for each share held. Wrigley will become a subsidiary of privately held Mars, adding a number of brands to its portfolio, including Starburst and Skittles and move base to Chicago.

The combination of Mars and Wrigley will create a dynamic $27-billion food company and the world's leading confectioner.