Kraft unwraps bid
Kraft Foods posted its offer to Cadbury shareholders with terms unchanged on Friday, triggering a two-month, 10.1 billion pound takeover fight for the British chocolate company.
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The formal bid matches its indicative offer, worth 300 pence in cash and 0.2589 new Kraft shares for each Cadbury share, which the U.S. food giant said valued Cadbury at 713 pence.
For the full prospectus, go to Kraft’s transaction website. Link here
A rival bidder could reveal its hand any time within the next 60 days, under UK takeover rules. Italy’s Ferrero and U.S.-based Hershey are considering making a bid. Analysts say the two could team up.