Kraft says Cadbury will delist
Source: Agencies |
February 6, 2010, Saturday
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Print Edition
Print Edition
KRAFT Foods Inc yesterday announced it will delist shares of Cadbury Plc on the London Stock Exchange, now that it has clinched a takeover of the British chocolate and gum company.
Kraft gave 20 business days' notice of its intention to delist, and said it expects Cadbury to be removed from the London Stock Exchange on March 8.
Cadbury will also apply to delist its American Depositary Shares from the New York Stock Exchange, Kraft said.
Kraft now has acceptances representing 75 percent of Cadbury shares for the 11.5-billion-pound (US$19.5 billion) offer. When that level tops 90 percent, Kraft said it will exercise its right to force the remaining shareholders to sell.
Kraft gave 20 business days' notice of its intention to delist, and said it expects Cadbury to be removed from the London Stock Exchange on March 8.
Cadbury will also apply to delist its American Depositary Shares from the New York Stock Exchange, Kraft said.
Kraft now has acceptances representing 75 percent of Cadbury shares for the 11.5-billion-pound (US$19.5 billion) offer. When that level tops 90 percent, Kraft said it will exercise its right to force the remaining shareholders to sell.
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