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Kraft set to make Cadbury hostile bid
Source: Agencies |
September 29, 2009, Tuesday
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Print Edition
Print Edition
KRAFT Foods Inc is poised to launch a hostile bid for Cadbury Plc that values the British confectionery business at around 11 billion pounds (US$17.6 billion), a report in The Observer newspaper said.
In a separate interview with the Sunday Times, Kraft Chairman and Chief Executive Irene Rosenfeld said Cadbury CEO Todd Stitzer had failed to "do the math quite accurately" after he said Cadbury's own growth strategy would deliver superior returns compared with Kraft's cash and stock offer. The Observer said Britain's Takeover Panel is preparing to set a deadline by which time the US group must make a firm offer for Cadbury or walk away for six months.
Citing financial sources, the Observer said Kraft could bid 800 pence a share initially, rising to 850 pence as the battle reaches its climax during a 60-day time limit likely to be set by the panel.
In a separate interview with the Sunday Times, Kraft Chairman and Chief Executive Irene Rosenfeld said Cadbury CEO Todd Stitzer had failed to "do the math quite accurately" after he said Cadbury's own growth strategy would deliver superior returns compared with Kraft's cash and stock offer. The Observer said Britain's Takeover Panel is preparing to set a deadline by which time the US group must make a firm offer for Cadbury or walk away for six months.
Citing financial sources, the Observer said Kraft could bid 800 pence a share initially, rising to 850 pence as the battle reaches its climax during a 60-day time limit likely to be set by the panel.
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