Wrigley's Takeover - by Buffett and Mars

This one was on my watch list.  Wm Wrigley Company has agreed to be taken over by Mars Candies and Warren Buffett. The price tag is reported to be $23 billion or $80 per share. Wrigley's (WWY) was one of the companies on Standard and Poor's list of Dividend Aristocrats.  It was also one of the top Dividend Growers on the Dividend Aristocrats list, having raised its dividend 263% over the last 10 years.  Wrigley's was founded in 1891 and makes the famous chewing gum brands Spearmint, Doublemint, and Juicyfruit, as well as Lifesaver Candies and Altoid Mints, which it acquired from kraft Foods. On Friday, Wrigley shares closed at $62.45, or a P/E ratio of 27; today they are trading at $76.79 or a P/E ratio of 34 times earnings. Wrigley's net income grew 19% in 2007 and the company had $752.5 million in free cash flow.  There is $278.8 million in cash of the balance sheet.