Northfield, Ill., June 16 - The Board of Directors of Kraft Foods Inc. today announced its intention to distribute via a split-off transaction all of the outstanding shares of Cable Holdco, Inc., a wholly owned subsidiary of Kraft that will own certain assets and liabilities of the Post cereals business.
The split-off transaction is in connection with the merger of Cable Holdco and Ralcorp Mailman LLC, which is a subsidiary of Ralcorp Holdings, Inc. (NYSE: RAH).
As previously announced, Kraft entered into a definitive agreement on November 15, 2007, to distribute and merge its Post cereals business into Ralcorp.