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Kraft Foods Inc. (KFT) is likely to formalize its original offer for Cadbury PLC (CBY) over the next week, keeping a price increase off the table but in effect turning the bid hostile, Reuters news agency reported citing sources close to the matter.
Kraft's offer in early September was rejected by Cadbury, so a move to formalize this cash and shares offer at the same value, then worth 745 pence or GBP10.2 billion ($16.7 billion), would not change Cadbury's position and turn the bid hostile, the report said.
The sources said in the report that while a higher offer of 800 pence a share was still seen as the minimum to tempt Cadbury to the negotiating table, Kraft was willing to play the waiting game and keep any price increase for later.
Full story: http://www.reuters.com/article/innovationNews/idUSTRE5A13EG20091102
(END) Dow Jones Newswires
11-02-09 2108ET
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