Northfield / IL. (kf) Kraft Foods Inc. on Friday formally posted its merger-offer documents for Cadbury PLC shareholders to accept or reject. Based on Friday morning trading prices, the deal is worth 16,8 billion USD in stock and cash. Kraft is sticking by its original offer price, which involves 0,2589 new Kraft shares and 3,00 GBP in cash for each Cadbury share. Under the rules of the British Panel on Takeovers and Mergers (PTM), it sets the clock ticking on the deal. Cadbury´s board has already rejected the offer, saying it undervalues the company. Cadbury now has 14 days to issue a formal defense argument. No other company has made a formal offer for Cadbury even though U.S. chocolate maker Hershey and closely-held Italian chocolate maker Ferrero have expressed some interest.
Info: Kraft Foods Inc. to Publish Offer Documentation Related to Proposed Acquisition of Cadbury PLC (Kraft Foods Inc. | 2009-12-04).
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