UK sieged Unilever spurned a $143 billion takeover approach made by Kraft Heinz, arguing that the private U.S. food and beverage company’s cash-and-stock offer to combine the two leader companies“fundamentally undervalues” Unilever. In a prompt reaction, Kraft Heinz withdrew its merger proposition with larger rival Unilever.
The two consumer goods giants said on Sunday(19) that Kraft Heinz had withdrawn its takeover bid after an agreement on friendly terms. As a joint statement from the companies put it, “Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever.”
Under UK takeover rules, Kraft Heinz is now precluded from making a bid for 180 days — unless Unilever agrees, or another bidder buts the company in play. That time will pass quickly.
Full article (The Bull, Ausr