Unilever to Review Options After Takeover Bid Is Withdrawn -
LONDON — Unilever said on Wednesday that it was conducting a “comprehensive review” of its options
after Kraft Heinz withdrew a $143 billion takeover bid for the consumer goods company on Sunday.
On Friday, Kraft Heinz publicly announced it had made a bid for Unilever, but the consumer goods company had rejected the offer.
But Kraft Heinz’s board — including Warren E. Buffett
and the Brazilian-born billionaire Jorge Paulo Lemann — decided to withdraw the offer less than 48 hours later as it faced a potential lengthy fight for Unilever, an important company in British and Dutch business.
On Wednesday, Unilever said it was reviewing potential options available to “accelerate delivery
of value for the benefit of our shareholders.” It said it hoped to complete the review by April.
Unilever quickly responded that the offer — an 18 percent premium to its closing share price on Thursday — “fundamentally undervalues” the company.
The combination of the two companies would have created a giant in the packaged food
and consumer goods industry, selling a wide range of items, including Heinz ketchup, Oscar Mayer meats, Ben & Jerry’s ice cream, Hellmann’s mayonnaise and Dove soap.
