PTM: gives Kraft Foods six weeks to bid on Cadbury

London / UK. (tp) The Panel on Takeovers and Mergers (PTM) of the United Kingdom has issued a ruling stating that Kraft Foods Inc. must make an offer for Cadbury PLC by 17:00 on 09 November 2009 or walk away from the company. The Panel said that it had come to the decision after discussions with advisors to both companies. If Kraft fail to meet the deadline they will be unable to put in another bid for Cadbury for another six months. The Takeover Panel said that both Kraft and Cadbury had accepted the ruling. Cadbury has already rejected one proposal from Kraft on the grounds that it «made no strategic or financial sense for Cadbury and fundamentally undervalued the Group and its prospects». Cadbury-Chairman Roger Carr: «Cadbury has a strong position in the global confectionery market and the Board is confident in Cadbury´s standalone pure play strategy and growth prospects. We have made our position on Kraft´s proposal very clear and we welcome the Panel´s decision in the interests of obtaining clarity and certainty for our shareholders and employees at the earliest opportunity».

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