The UK Takeovers Panel has ruled that food manufacturer Kraft must make a binding proposal to Cadbury by November 9 or signal their intent not to bid. The decision was made after Cadbury representatives went to the Panel last week to request a definitive timeline in the wake of a non-binding A$19.6 billion takeover offer. If Kraft does not make a formal proposal then they will be unable to bid for the confectioner for a period of six months. Both parties have accepted the decision. Cadbury responded... ...Read more »

Cadbury chief executive Todd Stitzer overnight (16 September) defended the UK confectioner’s record, insisting the company had “delivered on its promises” and laid out its plans for further expansion. Nine days after Kraft Foods had gone public with a proposed GBP10.2bn (A$19.6bn) takeover of Cadbury, and following a week in which the US company had repeatedly outlined why the Dairy Milk maker faced a challenging future as an independent company, Stitzer insisted the UK firm could... ...Read more »

British confectioner Cadbury has given no indication that they are looking for a tie-up in the wake of Kraft’s surprising A$19.5 billion bid. The maker of Dairy Milk and Trident responded to Kraft’s announcement of a failed bid last night, confirming they had rejected the proposal on the basis that it “fundamentally undervalued” the firm. “In response to the announcement by Kraft Foods, Cadbury confirms that it recently received an unsolicited proposal from Kraft Foods... ...Read more »

Japanese brewer Kirin Holdings has received the all clear from the Foreign Investment Review Board for their takeover of Australia’s second largest brewer – Lion Nathan. The $3.5 billion takeover offer was accepted by the Lion Board last month but still requires approval from shareholders and the Australian Consumer and Competition Commission. The ACCC is due to decide on July 1 whether or not Kirin’s expansion in Australia – they have purchased National Foods and Dairy Farmers... ...Read more »

Lion Nathan today announced that it had signed an Implementation Agreement with Kirin Holdings for Kirin’s $3.5b takeover. Late last month the Lion Board accepted a $12.22 per share offer by Kirin for the remaining 54 per cent of the company they did not own, with a shareholder vote now required to approve the proposal. The transaction will be implemented via a scheme of arrangement and is subject to a number of conditions, including obtaining all necessary regulatory approvals, no material... ...Read more »

As discussions with major shareholder Kirin regarding their takeover proposal continue, Lion Nathan has announced a 6.9% rise in net profit after tax for the first half – an announcement that was brought forward from May 20. Lion Nathan CEO Rob Murray, who is widely tipped to stay on as boss of Kirin’s Australian operations if the deal proceeds, tipped further progress in the second half due to innovations, the growth of Boag’s and the later Easter. “These first-half results... ...Read more »

Australia’s second largest alcoholic beverages group is currently discussing the merits of a takeover offer by their major shareholder. Japan’s Kirin Holdings, which has a 46.13% stake in Lion Nathan sent details of an acquisition proposal to the brewer after the close of trade last night. Details of the exact nature of the deal are not yet known, with Lion Nathan (LNN) requesting a trading halt so that they can analyse the offer and create a dialogue with Kirin. “This confidential... ...Read more »

Golden Circle, a 61 year-old Australian company renowned for their canned fruit and vegetables, fruit juice and jam, appears likely to agree to a takeover by Heinz after their Board unanimously recommended the proposal. Golden Circle Limited and H.J. Heinz Company Australia Limited today announced they entered into an Implementation Agreement, whereby it is proposed that Heinz will acquire all of the Golden Circle shares on issue for A$1.65 cash per share, valuing Golden Circle at approximately $288... ...Read more »