Cadbury shares climb after Takeover Panel ruling

Cadbury shares have climbed higher after the Takeover Panel gave the chocolate company three more days to muster its defence against Kraft's hostile bid.

Under the panel's rules, the last day Cadbury would normally be able to issue any new information is Tuesday, 12 January 2010, the so-called day 39 after the offer document is posted. But today the panel said that following representations, it has extended this to Friday 15 January for Cadbury's "detailed estimated trading results for 2009." The company said it was pleased shareholders would be given the chance to review the latest information before deciding on the Kraft offer.

Cadbury has added 2p to 794p, compares to Kraft's bid price of around 748p a share. Rival bids from Hershey or Ferrero have yet to materialise

Read Full Article from The Guardian

- Posted: 2009-12-30 09:12:06

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