Cadbury response soon
By Jane Wardell |
December 8, 2009, Tuesday
|
Print Edition
Print Edition
CADBURY Plc said yesterday that it plans to publish its formal response to a 9.8 billion pound (US$16.3 billion) hostile takeover offer from Kraft Foods Inc on December 14.
Kraft, the maker of Oreo cookies, Nabisco crackers and its namesake cheese, took the offer straight to shareholders of the British candy company. In doing so, it bypassed the Cadbury board, which had already rejected an almost identical offer last month as "derisory."
London-based Cadbury noted that it is prohibited under United States securities law from making any further statement until it issues its formal response, which it said will be released alongside its previously scheduled trading update next Monday.
Kraft's move to take the offer, which includes 300 pence in cash and 0.2589 new Kraft shares for each Cadbury share, directly to shareholders started the clock on a series of regulatory deadlines to get the majority support it needs.
It may also flush out rival bids and gives the US company some wiggle room to increase its own offer should competition emerge.
Cadbury is an attractive acquisition. One of the world's largest confectionary companies, it has strong international reach with a key presence in emerging markets.
US chocolate maker The Hershey Co and Italy's Ferrero International SA have said they are considering an offer.
Kraft, the maker of Oreo cookies, Nabisco crackers and its namesake cheese, took the offer straight to shareholders of the British candy company. In doing so, it bypassed the Cadbury board, which had already rejected an almost identical offer last month as "derisory."
London-based Cadbury noted that it is prohibited under United States securities law from making any further statement until it issues its formal response, which it said will be released alongside its previously scheduled trading update next Monday.
Kraft's move to take the offer, which includes 300 pence in cash and 0.2589 new Kraft shares for each Cadbury share, directly to shareholders started the clock on a series of regulatory deadlines to get the majority support it needs.
It may also flush out rival bids and gives the US company some wiggle room to increase its own offer should competition emerge.
Cadbury is an attractive acquisition. One of the world's largest confectionary companies, it has strong international reach with a key presence in emerging markets.
US chocolate maker The Hershey Co and Italy's Ferrero International SA have said they are considering an offer.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
