NEW YORK (MarketWatch) -- Mars Inc., backed by billionaire investor Warren Buffett's Berkshire Hathaway Inc., reached an agreement Monday to buy 117-year-old chewing-gum pioneer Wm. Wrigley Jr. Co. for about $23 billion.
Mars, of McLean, Va., will pay $80 in cash for each share of Wrigley share, a 28% premium over Wrigley's Friday closing price of $62.45, closely held Mars said in a statement Monday.
Chicago-based Wrigley
(WWY:Wm. Wrigley Jr. Company
Last: 76.85+14.40+23.06%11:41am 04/28/2008
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WWY 76.85,
+14.40,
+23.1%)
, with annual sales of $5.4 billion, is known for its namesake Spearmint and Juicy Fruit gums as well as Life Savers.
In a statement, Buffett said he has been "a big fan of Wrigley's business model for many years." His investment company has long owned San Fracisco-based See's Candies.
clipped from: www.marketwatch.com 