Cadbury likely to approve a revised Kraft offer: report
Sources close to the ongoing Kraft-Cadbury takeover saga have reported that the two parties may come to an amicable agreement, something that would come as a shock given Cadbury’s obvious disapproval of Kraft’s attempts to wrest control of the British confectioner. Indeed, it was only last week that Chairman Roger Carr urged shareholders not to let Kraft “steal” the company.
Reuters and the BBC have reported that Kraft and Cadbury are currently in discussions to cement a friendly deal that could be worth around A$20.7 billion – about 11% above the initial offer. And, with the deadline for a revised Kraft offer falling overnight, Australian time, there is a suggestion that a deal may receive Cadbury Board approval as early as tonight.
Independence gone?
Cadbury has consistently labelled the Kraft offer as “derisory” while also taking aim at their “low growth conglomerate model”. However, if the speculation is on the money then they will soon be united, bringing to an end 186 years of independence for Cadbury.
According to Reuters, Cadbury’s Mr Carr and Chief Executive Todd Stitzer have held late night discussions with Kraft CEO Irene Rosenfeld in London, with talks now at “an advanced stage”.
Hershey, meanwhile, is waiting to see a revised offer from Kraft before deciding if they will throw their hat into the ring.
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