Cadbury to respond to Kraft next week
- Source: Global Times
- [00:51 December 08 2009]
- Comments
British confectionery group Cadbury said Monday that it will respond next week to a hostile takeover bid from US giant Kraft Foods.
Kraft, which has been repeatedly snubbed by Cadbury's management, on Friday appealed directly to Cadbury shareholders with details of its offer, worth about 10.1 billion pounds ($16.5 billion) in cash and shares.
"Cadbury notes the publication by Kraft Foods of its offer document to Cadbury's share-holders," the London-listed company said Monday.
"Under US securities law, Cadbury is prohibited from publishing any further infor-mation, or making any further statement, until it has issued its formal response.
"Cadbury today announces that it will post to shareholders its formal response to Kraft's offer on Monday 14 December. Cadbury will host a presentation in London for analysts and investors on that date, which will also include its regular pre-close trading update."
Kraft is the world's second-largest snacks group after Nestle. Cadbury is meanwhile the second-largest confectioner behind Mars.
US chocolate maker Hershey and Italian peer Ferrero had said last month that they were mulling bids for Cadbury, joining the bidding war.
Agencies
