Kraft questions Cadbury defense
By Matt Scuffham |
December 16, 2009, Wednesday
|
Print Edition
Print Edition
KRAFT Foods has vowed to maintain discipline in its pursuit of British chocolatier Cadbury, suggesting the United States group will resist raising the level of its hostile approach.
In a rebuttal of Monday's aggressive defense statement from Cadbury, the US food group yesterday claimed that a combination of the companies would deliver "substantially more value than Cadbury could achieve on its own."
Kraft's approach has been pitched at 729 pence (US$11.8) per share but many analysts believe it will need to pay 820 to 850 pence. "Kraft will continue to maintain a disciplined approach with respect to the acquisition of Cadbury in line with the criteria outlined in our offer documentation," said Kraft Foods CEO Irene Rosenfeld.
"We think Kraft will need to raise its offer towards 820 pence even if there is no counter bid," said Evolution Securities analyst Warren Ackerman.
"The emergence of credible counter bidders for Cadbury could mean that Kraft has to materially increase its bid to be successful," he added.
America's Hershey and Italy's Ferrero have both indicated they are contemplating bids. Swiss food giant Nestle is also viewed as a potential suitor.
In a rebuttal of Monday's aggressive defense statement from Cadbury, the US food group yesterday claimed that a combination of the companies would deliver "substantially more value than Cadbury could achieve on its own."
Kraft's approach has been pitched at 729 pence (US$11.8) per share but many analysts believe it will need to pay 820 to 850 pence. "Kraft will continue to maintain a disciplined approach with respect to the acquisition of Cadbury in line with the criteria outlined in our offer documentation," said Kraft Foods CEO Irene Rosenfeld.
"We think Kraft will need to raise its offer towards 820 pence even if there is no counter bid," said Evolution Securities analyst Warren Ackerman.
"The emergence of credible counter bidders for Cadbury could mean that Kraft has to materially increase its bid to be successful," he added.
America's Hershey and Italy's Ferrero have both indicated they are contemplating bids. Swiss food giant Nestle is also viewed as a potential suitor.
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