Cadbury to remain quiet over Kraft offer until Monday
UK-based confectioner Cadbury has informed investors that they will make their formal response to the Kraft takeover bid next Monday.
Last Friday Kraft sent out details of the A$18.2 billion proposal to Cadbury shareholders, with Kraft CEO Irene Rosenfeld arguing it was a “significant growth opportunity” and in the best interests of both sets of shareholders.
“Cadbury notes the publication by Kraft Foods Inc (“Kraft”) of its offer document to Cadbury’s shareholders,” the company advised in a statement. “Under US securities law, Cadbury is prohibited from publishing any further information, 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 2009. Cadbury will host a presentation in London for analysts and investors at 10:30am on that date, which will also include its regular pre-close trading update.”
It is no secret as to what the tone will be of that presentation, with Cadbury management having previously labelled the offer “derisory” and suggested that Kraft offered nothing more than a “low growth conglomerate model”.