KKR revised the terms of its Beatrice offer.

Chicago-based Beatrice Cos. said it received a modified acquisition proposal from Kohlberg Kravis Roberts & Co. that reduces the cash portion of the investment firm's offer to $40 a share from $43 and raises the value of a new preferred stock to be issued to $10 a share from $7. Under the proposal, the preferred stock would have a dividend of 14%, payable for the first six years after issuance in the form of additional preferred shares. The dividends would be paid in cash thereafter.

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