Home > business > Kraft given deadline for Cadbury bid

Kraft given deadline for Cadbury bid

Kraft Foods, the US food maker stalking Cadbury, has been given a little less than six weeks to announce a firm intention to bid for the UK confectionery group or walk away from its would-be prey.

The Takeover Panel, which regulates takeovers and mergers in the UK, said on Wednesday that it had given Kraft a deadline of 5pm on November 9 to follow through on its interest in a deal or declare that it would not be bidding after being approached by Cadbury last week.

The deadline puts pressure on Kraft to come forward with a higher offer after an indicative £10.2bn bid, made in private to Cadbury chairman Roger Carr at the end of August, was rejected.

Read original article @ FT.com

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