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Created by janebyrne1 on Jan 20, 2010
Last updated: 03/12/10 at 03:24 AM
Kraft has struck an ÂŁ11.7bn deal to acquire Cadbury in a move that could bring to an end months of fierce corporate battles.
Cadbury shares rose today on the back of media report that indicated that US chocolate maker, Hersheyâ€™s could be set to make a counter-bid for the UK confectioner, already the focus of a hostile bid from Kraft Foods.
Cadbury issued a second defence document today giving further reasons as to why the hostile bid from Kraft was unattractive, noting that it did not match similar deals in the industry in recent years.
The difference between British and continental European chocolate preferences means the acquisition of Cadbury by Kraft would not present competition problems, the European Commission has said, as long as Cadburyâ€™s concerns in Poland and Romania were sold to a third party.
Kraft has sold its frozen pizza business to NestlĂ© to help fund its offer for Cadbury after NestlĂ© pulled out of the bidding for the British confectioner.
Cadburyâ€™s updated statement on revenue growth for the next four years should incentivise its shareholders to hold out for a higher offer than the bid from Kraft Foods or remain independent, according to market research firm Sanford C Bernstein.
British and Irish workers at Cadbury have announced a campaign to resist Kraftâ€™s hostile â‚¤9.8bn ($16.3bn) takeover bid by appealing to shareholders and politicians to block the deal.
Hershey and Ferrero are reported to be considering a joint bid for Cadbury that could put the brakes on a hostile takeover by Kraft.
Kraft has formally made a ÂŁ9.8bn ($16.3bn) hostile takeover bid for British confectioner Cadbury, just hours before the 5pm GMT deadline imposed by the UK Takeover Panel.
Cadburyâ€™s upwardly revised revenue forecasts are a strong defence to the bid from Kraft, claim industry analysts
The UKâ€™s Takeover Panel has announced a deadline of November 9 for Kraft to make a bid for Cadbury or to say that it does not intend to make an offer.
Cadbury has approached the UKâ€™s Takeover Panel, asking it to impose a deadline for Kraft to make an offer.
Kraft Foods has confirmed it has had an initial takeover bid for Cadbury rejected but said it intends to work towards a deal that would create a $50bn food industry powerhouse.