Kraft to post new Cadbury bid
Kraft Foods is expected to make a new offer to takeover Cadbury today ( 4 December).
The US food company has until Monday (December 7) to formalise its offer for the British confectioner or walk away under the “put up or shut up” rules set by the UK Takeover Panel, but is widely reported to be submitting an offer ahead of the deadline.
It comes a month after Kraft last issued a £9.8bn hostile bid for Cadbury just a few hours before the imposed deadline. The board of the Dairy Milk maker, which described it as a “derisory” offer that undervalued the company, rejected the bid immediately.
Kraft initially launched a £10.2bn bid for Cadbury in September, which was also immediately rejected. Cadbury chairman Roger Carr has said the Kraft offer is an “unappealing prospect”.
More recently, it has been speculated that other confectionery giants are also looking to compete for the business. Hershey is believed to be raising finance to launch a £10.3bn offer with Ferrero for Cadbury and Nestle is also reportedly musing an offer.
