Monday, October 5, 2015 Dinner
Colonnade Hotel, 120 Huntington Avenue, Boston
6:00 PM Cocktails, 7:00PM Dinner and Discussion
Mergers, Splits and Acquisitions:
How Does a Board Consider the Alternatives and Make Well-Informed Choices?
In March 2015 Kraft Foods Group and H.J. Heinz announced a merger of the two food giants. Kraft, the 4th largest food and beverage company in the U.S., had sales of more than $18 billion and iconic brands such as Kraft, Philadelphia, Oscar Mayer, Maxwell House and Planters. Heinz was a leading global food player with substantial geographic diversity, $10 billion in revenues, and brands such as Heinz, Ore Ida, and Classico. Myra Hart, a long-time Kraft board member, will describe the events leading up to the merger that gave Kraft shareholders 49% of the new company shares plus a one-time cash payment of $16.50 per Kraft share and Heinz shareholders 51% of the shares of the new entity. Major players in the transaction were Berkshire Hathaway and 3G Capital. The transaction was approved by shareholders on July 2, 2015 and the resulting company is known as The Kraft Heinz Co. Events that preceded this transaction (including the hostile takeover of Cadbury and the split of the “old” Kraft into Kraft and Mondelez) add flavor to this interesting story and reflect the dynamic forces with which directors, as well as executives, have to contend in an environment in which change may be the only constant.
Myra Hart has a BA from Cornell University, an MBA from Harvard Business School, and a DBA from Harvard University. She was a founding member of Staples, the office superstore. She served as a Professor of Management Practice at Harvard Business School until retiring in 2006. She is a Trustee Emeritus of Cornell University and is on the Smithsonian National Board and the advisory board of the Smithsonian Astrophysical Observatory. She also serves as an advisor or board member of several private companies and investment funds.
Many of us have confronted – or are currently faced with – decisions of this sort, and all of us are sure to find the discussion informative and thought-provoking.
We look forward to seeing you on October 5.
Toni Wolfman, Pam Lenehan and Elaine Eisenman
Please RSVP to Toni Wolfman (firstname.lastname@example.org ); 617-492-6962).