Ferrero confirms plans not to bid for Cadbury
Italian confectioner Ferrero has ruled out a late takeover rival bid for Cadbury, formally declaring itself out of the race for the Dairy Milk maker.
The announcement to the City this morning (25 January) came on the final day for firm offers under the UK’s takeover rules.
Ferrero said in a statement that it “does not intend to make an offer for Cadbury”.
US chocolate giant Hershey had ruled itself out of the running on Friday.
Hershey and Ferrero both issued statements at the end of November to confirm that they were studying a possible move for Cadbury.
The two sides had been at the centre of speculation over a joint bid or separate, solo pursuits for Cadbury.
However, after Kraft Foods last week won the backing of the UK confectioner’s board by raising the value of its takeover bid, the likelihood of a competing offer was deemed unlikely.
Kraft’s renewed offer values Cadbury at GBP11.5bn (US$18.8bn), or 840 per share, up from the previous bid of GBP10.5bn. Cadbury shareholders will also receive a special dividend of 10 pence per share.
The higher offer, which represents 13 times Cadbury’s 2009 EBITDA, was enough to win the unanimous support of the UK firm’s board.
Cadbury shareholders now have until 2 February to decide whether or not to accept Kraft’s offer.
just-food is the world’s leading portal for the global pre-packaged food and retail industries. Its daily mix of breaking news, views, analysis and research serves over 100,000 food executives each month. http://www.just-food.com/
Nestle has confirmed it has sold its US confectionery business to Ferrero for US $2.8 billion (AUD $...
It is critical for Australian exporters to understand both the opportunities and challenges as compe...
Chobani Yoghurt has opened a Chobani Café inside a Target store in New York.
Garlo’s Pies is expanding its Australian production facilities as well as its presence in the US.
A British airline is now offering in-flight food specially designed to improve the mood of its passe...
Australian health foods maker Sanitarium has unveiled its plans to capitalise on new appetite in Chi...
Dutch convenience retailer SPAR and global logistics group DHL will partner with the Bangchak Retail...
Over the weekend, Amazon acquired Whole Foods, a premium American supermarket chain which only sells...