CHICAGO McLean, Va.-based Mars, maker of M&Ms and Snickers candies, has announced that it is purchasing the Wm. Wrigley Jr. Co. for nearly $23 billion in cash in a deal that could spark even more confectionery mergers.
Wrigley shareholders stand to receive $80 (cash) for each common stock share and Class B common share individually owned. Wrigley said the buyout could take from six to 12 months and, at the finish, Wrigley would become a subsidiary of Mars.
In addition to traditional titles such as Wrigley Spearmint and Juicy Fruit, Wrigley also makes products like Altoids, Eclipse gum and Lifesavers.
Berkshire Hathaway, controlled by billionaire Warren Buffett, will also have a hold of part of the new Wrigley subsidiary; it was announced that Berkshire Hathaway will make minority equity investment in the division.