On September 22, 2009
Cadbury Warms to Kraft Bid, Pushes for Deadline
Cadbury chairman Roger Carr recently called Kraft an “unattractive,” “low-growth conglomerate,” but CEO Todd Stitzer apparently has a much better view of the company. “I would never say there’s not some strategic sense in these businesses coming together,” Stitzer told the Wall Street Journal. Kraft recently announced a surprise $16.7 billion bid for the British chocolate and confectionery company, which Cadbury rejected. But the bid has not been made official yet, and Cadbury now wants the U.K. Panel on Takeovers and Mergers to set a deadline for Kraft to either make a formal offer or back off (or, as Marketplace so eloquently put it, to “put up or shut up”). The takeover panel has the authority to do this, but…
0 Comments