Cadbury Plc, fighting a 10.7 billion-pound ($17 billion) hostile offer from Kraft Foods Inc., got a three-day extension from the U.K. takeover panel to publish material new information. Cadbury’s deadline to disclose “detailed estimated trading results” for 2009 is no later than Jan. 15, the takeover panel said in a Regulatory News Service statement today.
“We note the decision of the Takeover Panel and are pleased that our shareholders will be given the opportunity to review the most up-to-date information available on our trading performance as they evaluate the Kraft offer,” Uxbridge, England-based Cadbury said in an e-mailed statement today.
Shareholders of Cadbury, the maker of Dairy Milk chocolate, have until Jan. 5 to accept Kraft’s Dec. 4 offer, which currently values Cadbury at 748 pence a share. Kraft has until Jan. 19, or 46 days after the initial offer was made, to make a revised bid, the takeover panel repeated today. Kraft, the world’s second-largest foodmaker, has said its offer represents the best value to Cadbury, which also makes Trident chewing gum. Kraft, based in Northfield, Illinois, makes Ritz crackers and Oreo cookies.
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“We note the decision of the Takeover Panel and are pleased that our shareholders will be given the opportunity to review the most up-to-date information available on our trading performance as they evaluate the Kraft offer,” Uxbridge, England-based Cadbury said in an e-mailed statement today.
Shareholders of Cadbury, the maker of Dairy Milk chocolate, have until Jan. 5 to accept Kraft’s Dec. 4 offer, which currently values Cadbury at 748 pence a share. Kraft has until Jan. 19, or 46 days after the initial offer was made, to make a revised bid, the takeover panel repeated today. Kraft, the world’s second-largest foodmaker, has said its offer represents the best value to Cadbury, which also makes Trident chewing gum. Kraft, based in Northfield, Illinois, makes Ritz crackers and Oreo cookies.
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