KRAFT FOODS GROUP RECOMMENDS SHAREHOLDERS REJECT MINI-TENDER OFFER BY TRC CAPITAL CORPORATION
NORTHFIELD, Ill., Dec. 18, 2012 /PRNewswire/ -- Kraft Foods Group, Inc. (NASDAQ: KRFT) has been notified of an unsolicited mini-tender offer by TRC Capital Corporation (TRC) to purchase up to two million shares of Kraft common stock, representing 0.34% of Kraft's shares of common stock outstanding. TRC's offer price of $44 per share is 4.37% below the closing price of Kraft's common stock on Dec. 13, 2012, the last full trading day prior to the offer. Kraft does not endorse TRC's unsolicited mini-tender offer and recommends that shareholders do not tender their shares in response to it. The company is not associated with TRC, the unsolicited offer or the offer documentation.
Mini-tender offers are not subject to many of the investor protections afforded to larger tender offers, including the filing of disclosure and other tender offer documents with the Securities and Exchange Commission (SEC) and other procedures mandated by U.S. securities laws. The SEC has cautioned investors that some bidders making mini-tender offers at below-market prices are, "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's guidance to investors on mini-tender offers is available at http://www.sec.gov/investor/pubs/minitend.htm.
Kraft urges shareholders to obtain current market quotes for their shares; review the conditions to TRC's offer; consult with their financial advisors; and exercise caution with respect to this offer, which is below the current market price for Kraft shares. The company recommends that shareholders who have not responded to TRC's offer take no action. Shareholders who already have tendered their shares may withdraw them at any time prior to 12:01 a.m. Eastern time on Wednesday, Jan. 16, 2013 by providing the written notice described in the TRC offering documents.
TRC previously has made similar unsolicited mini-tender offers for shares of a number of other publicly traded companies.
ABOUT KRAFT FOODS GROUP
Kraft Foods Group, Inc. (NASDAQ: KRFT) is North America's fourth largest consumer packaged food and beverage company, with revenues of approximately $19 billion in 2011. Launched as a public and independent company on Oct. 1, 2012, the new Kraft has the spirit of a startup and the soul of a powerhouse. The company has an unrivaled portfolio of products in the beverages, cheese, convenient meals and grocery categories. Its iconic brands include Kraft, Maxwell House, Oscar Mayer, Planters and JELL-O. Kraft's 25,000 employees in the U.S. and Canada have a passion for making the foods and beverages people love. Kraft Foods Group is a member of the Standard & Poor's 500 index. For more information, visit www.kraft.com and www.facebook.com/kraft.
SOURCE Kraft Foods Group