Kraft Foods this week sweetened its hostile takeover bid for Cadbury by offering more cash to shareholders, which in turn was swiftly dismissed by the Dairy Milk maker. The offer was boosted by the sale of Kraft’s North American frozen pizza business to Nestle, which itself pulled out of the race for the UK chocolate maker. But, as the timeline ticks for Kraft to revise its offer or for any rival bids to emerge, the US food giant’s largest investor this week issued a warning to the company, insisting it will vote against any proposal to issue as many as 370m new shares to fund its sortie for Cadbury.
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UK: Kraft silent on possibility of raising Cadbury bid
Kraft Foods has remained silent on reports that it is mulling the possibility of further raising the cash component of its GBP10.4bn (US$16.7bn) hostile bid to acquire Cadbury.
UK: Cadbury gives date for next response to Kraft
UK confectioner Cadbury will publish the first of its response documents to the proposed Kraft Foods takeover next Tuesday (12 January).
UK: Cadbury rejects claims of search for “white knight”
Cadbury has today (7 January) insisted that it has no need for a “white knight” despite reports that the company’s directors have approached Hershey in a bid to derail Kraft Foods’ hostile bid.
EU: Brussels requires Cadbury disposals from Kraft
Kraft Foods has received approval from the European Commission for an acquisition of Cadbury – but the US food giant would have to sell businesses in Poland and Romania if it prevails.
The latest timeline in the Curly Wurly race for Cadbury
The new year has seen more twists and turns in the pursuit of UK confectionery giant Cadbury. Below is a fresh list of the headlines in the saga so far – and the key dates that lie ahead.
UK: Kraft sees 1.5% of Cadbury investors accept offer
Kraft Foods said today (6 January) that only 1.52% of Cadbury’s shareholders have so far accepted its hostile takeover bid for the UK confectioner.
US/UK: Key investor warns Kraft on Cadbury plans
Kraft Foods’ largest shareholder, Berkshire Hathaway, has issued a public warning to the US food group over its use of new shares to fund the proposed acquisition of UK confectioner Cadbury.
UPDATE: UK: Kraft stands by revised Cadbury bid
Kraft Foods this morning (5 January) insisted it has not raised its bid for takeover target Cadbury but claimed the change to the “mix” of the offer would please investors in the UK confectioner.
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By GlobalDataUPDATE 2: UK: Cadbury brushes off Kraft’s revised bid
UK confectionery giant Cadbury has dismissed Kraft Foods’ revised takeover offer as “unchanged and derisory”.
US/UK: Kraft sweetens Cadbury offer after Nestle pizza deal
Kraft Foods has this morning (5 January) outlined plans to offer more cash to shareholders of hostile takeover target Cadbury after the US food giant agreed to sell its North American frozen pizza business to Nestle.
ITALY: Ferrero “in talks” with PE groups over Cadbury bid
Ferrero has remained silent on reports that it has held talks with private-equity groups over the possibility of launching a counter bid for UK chocolate maker Cadbury.
UK: Kraft expected to sweeten Cadbury bid
Kraft Foods is expected to sweeten its hostile takeover approach for Cadbury, as shares in the UK confectioner continue to trade above the offer price on expectations of a higher bid.
