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Article: United Kingdom : Kraft May Raise Offer for Cadbury as Bid Deadline Approaches.
- Article from:
- TendersInfo
- Article date:
- November 9, 2009
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Byline: Mamta03
Kraft Foods Inc., the world s second- largest food maker, may have to increase its 9.8 billion-pound ($16 billion) bid for confectioner Cadbury Plc by tomorrow s deadline to keep its takeover attempt alive, investors said.
Kraft proposed 300 pence in cash and 0.2589 new Kraft share per Cadbury share Aug. 28, an offer worth 717 pence based on Nov. 6 closing prices. Cadbury rejected that as an unappealing prospect from a low-growth conglomerate. U.K. regulators set a Nov. 9 deadline for Kraft to make a formal offer or walk away for six months.
If they try anything less than 800 pence, people will yawn and say go away, John Haynes, ...