Kraft Says 1.5% of Cadbury Shares Have Accepted Offer (KFT,CBY)
Wednesday, January 6, 2010 - 09:10
Written on Wed, 01/06/2010 - 9:10am
By Chip Brian

1/6/2010-Kraft Foods (NYSE:KFT) announced Wednesday morning that shareholders of 1.5% of Cadbury's (NYSE:CBY) float have accepted its latest offer, however, the acceptance rate may rise as the bid moves closer to Cadbury's market value.
After Nestle SA said it wouldn't make an offer for Cadbury the gap between Kraft's offer and Cadbury's market value narrowed even further. Furthermore, Kraft's largest shareholder Warren Buffett, cautioned against offering any more stock to boost its offer.
Kraft was able to fund its improved cash offer by spinning off its US pizza business to Nestle.
Kraft's cash-and-stock bid values Cadbury at 758 pence per share, based on Tuesday's prices.

Keywords: Kraft Cadbury acquisition offer buyout

Ticker(s): KFT CBY

Contact Chip Brian
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