For shareholders, the Kraft deal would also have tax advantages over the PhilipMorris offer. Any gain on PhilipMorris's all-cash deal would be taxable, but there would be no tax on the Kraft equity or on a portion of the dividend.
For shareholders, the Kraft deal would also have tax advantages over the PhilipMorris offer. Any gain on PhilipMorris's all-cash deal would be taxable, but there would be no tax on the Kraft equity or on a portion of the dividend.