CHICAGO Private shareholders of Wm. Wrigley Thursday voted to approve the sale of the Wrigley gum and candy business to Mars for $23 billion, Reuters has reported. The acquisition deal will create the world’s largest candy and confectionery business. The companies have said that they expect to close the deal Oct. 6.
After facing pressure from British confection maker, Cadbury, Wrigley shareholders overwhelmingly approved Mar’s offer of $80 per share. Following the announcement of the polling results, Wrigley’s stocks rose 12 cents to $79.65 yesterday.
Chicago-based Wrigley, the maker of gums such as Orbit, Eclipse, Wrigley’s Spearmint and Juicy Fruit, has been in operation for more than 100 years and has been publicly traded since 1923. Mars, the maker of M&M’s, Milky Way candy bars, Snickers and other candies, and also is privately held and has been in business since 1911.