Kraft Foods Completes Acquisition of Balance Bar.Business Editors NORTHFIELD, Ill.--(BUSINESS WIRE)--March 3, 2000 Kraft Foods, the nation's largest packaged foods company, announced today that it has completed the acquisition of Balance Bar Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BBAR BBAR Broad Band Anti-Reflection BBAR Backbone Attaching Router ), a leading maker of nutrition/energy bars. The acquisition was completed through the short form merger of Kraft's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , BB Acquisition, Inc., into Balance Bar, in which each outstanding share of Balance Bar common stock (other than shares owned by Kraft and its affiliates) was converted into the right to receive a cash payment of $19.40, subject to appraisal rights Appraisal rights A right of shareholders in a merger to demand the payment of a fair price for their shares, as determined independently. . Prior to the merger, BB Acquisition had acquired approximately 98% of the Balance Bar common stock pursuant to a tender offer that expired Friday, February 25, 2000. Balance Bar, based in Carpinteria, CA, will be reporting to Kraft's Callard & Bowser Bowser may mean:
"Balance Bar clearly is aligned with consumer trends in health and convenience, and will make a great addition to our product portfolio," said Dave Johnson, President of the Beverages, Desserts & Snacks Division. "Kraft has successfully grown other acquired businesses like Altoids mints and Capri Sun beverages, and we expect to do the same with Balance Bar in the future." Balance Bar nutrition/energy bars have balanced proportions of 40% carbohydrates, 30% protein and 30% dietary fat, and are fortified fortified (fôrt  ´fīd),adj containing additives more potent than the principal ingredient. with vitamins and minerals. Balance Bar markets a full range of energy/nutrition bars under the Balance Bar name as well as a line of bars under the Jenny Craig brand through a license arrangement. There are also two beverage products, Total Balance powdered drink mixes and Total Balance ready-to-drink beverages. Balance Bar products are sold through retail grocery, mass merchandise and club stores, and natural foods stores nationwide. Kraft Foods, headquartered in Northfield, IL, is the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. food business of Philip Morris Companies Inc. For more information, please visit our website at www.kraftfoods.com/corporate |
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