Re: Candymaker Mars Inc. buys the Wrigley Company

[anabiono]

here we go...

 

now we can either keep the wrigley goodness or become MARS FIELD!!! DO BE DO BE DO

 

http://www.nytimes.com/2008/04/28/business/28gum-web.html?ref=business

[The Voice of Reason]

So much for the possibility of the Wrigley Company paying for naming rights to Wrigley Field.

 

http://money.cnn.com/2008/04/28/news/companies/mars_wrigley.ap/index.htm?postversion=2008042808

 

 

CHICAGO (AP) -- Candy maker Mars Inc. says it's buying confectioner Wm. Wrigley Jr. Co. in an all-cash deal valued at almost $23 billion.

 

Under the agreement announced Monday, shareholders at Chicago-based Wrigley would receive $80 in cash for each share of common stock and Class B common stock. After the buyout is completed in six to 12 months, Wrigley would become a subsidiary of McLean, Va.-based Mars, maker of M&Ms, Snickers bars and other candy.

[erik316wttn]

:(

 

I don't want to take my future kid to "M&M Park". It's Wrigley Field or nothing, dammit. Anything else is blasphemy.

[Little Slide Rooter]

Personally, I think Warren Buffet Field, home of the Chicago Warren Buffets has a nice ring to it.

[daske17]

This could be a good thing. Mars may be willing to pony up the cash to buy naming rights for Wrigley and keep it that way. And there are some games when I would welcome a package of M&Ms from the concession stand.

[Garwilly]

Wrigley does not own the Cubs, nor the field. Lets think logically before overreacting please.

[CuseCubFan69]

Personally, I think Warren Buffet Field, home of the Chicago Warren Buffets has a nice ring to it.

 

And have an Open Buffet Table throughout the park. They can hire Dusty to cater it once he's fired from the Reds.

[Bull]

Wrigley does not own the Cubs, nor the field. Lets think logically before overreacting please.

 

No, but the naming rights will be sold to the highest bidder with the Wrigley company already stating that they wouldn't be in the bidding. With a new corporate ownership of the Wrigley name, some bright exec might find keeping the name of the field the same would buy both quality advertising and good will.

[Banedon]

I'm disappointed that no one thought to just put the subject line as "Wrigley Sold" and enjoy the panic. It's really a missed opportunity.

[Pushfrog98]

I'm disappointed that no one thought to just put the subject line as "Wrigley Sold" and enjoy the panic. It's really a missed opportunity.

I was hoping nobody had posted this topic yet because that was my plan... Wrigley sold for $23B!

[anabiono]

Wrigley does not own the Cubs, nor the field. Lets think logically before overreacting please.

 

No, but the naming rights will be sold to the highest bidder with the Wrigley company already stating that they wouldn't be in the bidding. With a new corporate ownership of the Wrigley name, some bright exec might find keeping the name of the field the same would buy both quality advertising and good will.

 

yep, this is exactly what i was thinking...it is an encouraging sign...and again if nothing else...

 

Mars Field

 

kinda badass in its own way

[Outshined_One]

Well, at least Wrigley will still exist in some form.

 

Granted, in order to pay off the amount they just incurred, Mars is going to have to sell off a bunch of Wrigley's assets and do some creative restructuring. I'm guessing Wrigley's name is going to be off Wrigley Field.

[SouthSideRyan]

Well, at least Wrigley will still exist in some form.

 

Granted, in order to pay off the amount they just incurred, Mars is going to have to sell off a bunch of Wrigley's assets and do some creative restructuring. I'm guessing Wrigley's name is going to be off Wrigley Field.

 

Your 2nd sentence doesn't follow from the first. It sounds like you're saying Mars would sell off the naming rights to Wrigley Field.

[CubinNY]

Well, at least Wrigley will still exist in some form.

 

Granted, in order to pay off the amount they just incurred, Mars is going to have to sell off a bunch of Wrigley's assets and do some creative restructuring. I'm guessing Wrigley's name is going to be off Wrigley Field.

 

Your 2nd sentence doesn't follow from the first. It sounds like you're saying Mars would sell off the naming rights to Wrigley Field.

Not only that, but Buffet is purchasing Wrigley with cash! :shock: There is no debt.

[CuseCubFan69]

Well, at least Wrigley will still exist in some form.

 

Granted, in order to pay off the amount they just incurred, Mars is going to have to sell off a bunch of Wrigley's assets and do some creative restructuring. I'm guessing Wrigley's name is going to be off Wrigley Field.

 

Your 2nd sentence doesn't follow from the first. It sounds like you're saying Mars would sell off the naming rights to Wrigley Field.

Not only that, but Buffet is purchasing Wrigley with cash! :shock: There is no debt.

 

I think he's a very interesting man, is there a chance he might buy the Cubs as well?

 

I'd love to see him get out his wallet and count the cash as he puts it into the CEO of Wrigley's hand.

[Ding Dong Johnson]

Well, at least Wrigley will still exist in some form.

 

Granted, in order to pay off the amount they just incurred, Mars is going to have to sell off a bunch of Wrigley's assets and do some creative restructuring. I'm guessing Wrigley's name is going to be off Wrigley Field.

 

Your 2nd sentence doesn't follow from the first. It sounds like you're saying Mars would sell off the naming rights to Wrigley Field.

Not only that, but Buffet is purchasing Wrigley with cash! :shock: There is no debt.

I've seen Warren's wallet. no way he's got that kind of scratch on him

[Outshined_One]

Buffet's the one providing most of the financing to Mars through Berkshire Hathaway. Mars does not have $22b in cash just lying around to make one of these deals, you know?

 

Basically, Mars is taking out a huge loan from Buffet in order to help create a shell subsidiary, pour the $22b into it, buy out Wrigley, and merge Wrigley with that subsidiary in order to keep Wrigley's remaining shareholders and liabilities away from Mars. In order to pay off that kind of loan, Mars will have to sell off a ton of Wrigley's assets and will likely take a bunch of steps to avoid incurring any further debt with Wrigley for the time being. In other words, they will not incur any unnecessary/excessive costs with Wrigley for the time being.

 

I'm guessing that will include the naming rights for Wrigley Field, unless those naming rights somehow confer a tangible benefit on Wrigley beyond what Wrigley pays for it. Something tells me that tangible benefit is not going to be worth the cost of those naming rights.

[CubColtPacer]

Buffet's the one providing most of the financing to Mars through Berkshire Hathaway. Mars does not have $22b in cash just lying around to make one of these deals, you know?

 

Basically, Mars is taking out a huge loan from Buffet in order to help create a shell subsidiary, pour the $22b into it, buy out Wrigley, and merge Wrigley with that subsidiary in order to keep Wrigley's remaining shareholders and liabilities away from Mars. In order to pay off that kind of loan, Mars will have to sell off a ton of Wrigley's assets and will likely take a bunch of steps to avoid incurring any further debt with Wrigley for the time being. In other words, they will not incur any unnecessary/excessive costs with Wrigley for the time being.

 

I'm guessing that will include the naming rights for Wrigley Field, unless those naming rights somehow confer a tangible benefit on Wrigley beyond what Wrigley pays for it. Something tells me that tangible benefit is not going to be worth the cost of those naming rights.

 

But Wrigley pays absolutely nothing for the naming rights, so there is absolutely no change here. Wrigley was not willing to pay for the naming rights before, they still won't now. It's just up to the Cubs if the Wrigley name stays or if they actually sell the rights.

[CoolHandLuke]

Am I in the wrong here for thinking that Wrigley field has nothing to do with Wrigley the gum company, besides a common name?

 

I don't see the connection between this corporate buyout and the name of the Cub's ballpark.

[C.C.]

In summary:

 

Mars bought Wrigley for 23 billion.

Wrigley Field/Cubs and Wrigley are entirely different companies.

Wrigley does not pay for the name of Wrigley Field.

Cubs new ownership could ask Wrigley\Mars to start paying or they'll rename the stadium to the highest bidder.

[Outshined_One]

In summary:

 

Mars bought Wrigley for 23 billion.

Wrigley Field/Cubs and Wrigley are entirely different companies.

Wrigley does not pay for the name of Wrigley Field.

Cubs new ownership could ask Wrigley\Mars to start paying or they'll rename the stadium to the highest bidder.

 

Bingo bango. If that happens, don't expect them to pony up.

[BleacherBadger]

Well, at least Wrigley will still exist in some form.

 

Granted, in order to pay off the amount they just incurred, Mars is going to have to sell off a bunch of Wrigley's assets and do some creative restructuring. I'm guessing Wrigley's name is going to be off Wrigley Field.

 

Your 2nd sentence doesn't follow from the first. It sounds like you're saying Mars would sell off the naming rights to Wrigley Field.

Not only that, but Buffet is purchasing Wrigley with cash! :shock: There is no debt.

I've seen Warren's wallet. no way he's got that kind of scratch on him

 

Last Year, Buffett's fortune was valued around the $44 billion mark. However, after years of his "stinginess", he declared he would donate $37 billion to the Bill Gates Foundation in his will.

[chuckywang]

In summary:

 

Mars bought Wrigley for 23 billion.

Wrigley Field/Cubs and Wrigley are entirely different companies.

Wrigley does not pay for the name of Wrigley Field.

Cubs new ownership could ask Wrigley\Mars to start paying or they'll rename the stadium to the highest bidder.

 

Bingo bango. If that happens, don't expect them to pony up.

 

Why isn't the Tribune company asking Wrigley to pay right now?

[jersey cubs fan]

In summary:

 

Mars bought Wrigley for 23 billion.

Wrigley Field/Cubs and Wrigley are entirely different companies.

Wrigley does not pay for the name of Wrigley Field.

Cubs new ownership could ask Wrigley\Mars to start paying or they'll rename the stadium to the highest bidder.

 

Bingo bango. If that happens, don't expect them to pony up.

 

Why isn't the Tribune company asking Wrigley to pay right now?

 

Because they've got little to no leverage in that negotiation. They can ask, but Wrigley has no reason to pay up unless they think there's a legit chance they will change the name and that will somehow hurt the brand.

 

The Mets didn't name the new park Citi Field and then ask Citigroup to pay for the publicity after the fact.

[C.C.]

In summary:

 

Mars bought Wrigley for 23 billion.

Wrigley Field/Cubs and Wrigley are entirely different companies.

Wrigley does not pay for the name of Wrigley Field.

Cubs new ownership could ask Wrigley\Mars to start paying or they'll rename the stadium to the highest bidder.

 

Bingo bango. If that happens, don't expect them to pony up.

 

Why isn't the Tribune company asking Wrigley to pay right now?

 

Because they've got little to no leverage in that negotiation. They can ask, but Wrigley has no reason to pay up unless they think there's a legit chance they will change the name and that will somehow hurt the brand.

 

The Mets didn't name the new park Citi Field and then ask Citigroup to pay for the publicity after the fact.

 

 

The Tribune never wanted to mess with a good thing I guess.