In the fourth quarter, Nabisco Holdings' revenues declined 1.9 percent, to $2.44 billion.

The holding company's sole asset is an 80.6 percent stake in Nabisco Holdings, the food company.

Nabisco Holdings has directed its management to pursue strategies that would maximize shareholder return, including a sale of the company.

Nabisco Holdings has said that no formal deadline exists for the submission of bids.

It had sales last year of $26.6 billion, more than three times the 1999 revenue of Nabisco Holdings.

Shares of Nabisco Holdings fell $1.6875 yesterday, to $51.5625.

At that multiple, Nabisco Holdings would be worth $54 a share.

With that, he would repay Nabisco Holdings' existing debt, which is about $3.6 billion.

About $3.4 billion would be paid as a cash dividend to Nabisco Holdings' shareholders.

Shares of Nabisco Holdings, the food subsidiary, closed at $44.9375, up 31.25 cents.