Hopes Dim for Higher Cadbury Bid

Cadbury PLC shares slipped to within pennies of Kraft Foods Inc.'s offer price Wednesday as hopes of a vastly improved offer from the U.S. food giant receded.

Cadbury shares had slipped a further seven pence, or 0.8%, by 1400 GMT Wednesday to 772 pence, following a 3.2% fall Tuesday. The drop followed a double blow for Cadbury's investors Tuesday.

First, Nestlé SA ruled itself out of the running for Cadbury, damping hopes of a competitive auction. Then, later in the day, Kraft's largest shareholder, Warren Buffett, fired a shot across Kraft's management's bow, warning them against overpaying for the U.K. confectioner.

Read Full Article from Wall Street Journal

- Posted: 2010-01-06 10:41:19

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