Cadbury stands firm on bid alert
While Kraft Foods is this weekend considering a potential £10 billion offer for UK confectionery giant Cadbury, it would appear that the Cadbury directors are not willing to talk to their Kraft Foods counterparts about a potential agreed offer. The feeling at the moment is that any Kraft Foods bid would not be a "knockout offer" as no other parties have yet entered the fray and the company is obviously looking to maintain as much cash as possible. So what next?
Those who believe that Cadbury has or will escape the clutches of Kraft Foods may well be a little premature as the game is certainly not over yet and the company is known to have over £5 billion in finance available as well shares to sweeten the deal. Whether this bold move by the Cadbury directors is a strategy to try and squeeze out the highest price from Kraft Foods is debatable but there is no doubt that the future of Cadbury is very much in the balance today.
The much expected onslaught of takeovers and mergers in the UK market, after the approach from Kraft Foods to Cadbury, has yet to emerge although with the UK economy possibly set to take a dip in 2010, is there any need to rush in?
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