Cadbury plc has confirmed it notes the announcement on 30 September by the Takeover Panel Executive that it has imposed a deadline of 5.00pm on 9 November 2009, by which time Kraft Foods Inc must, unless the Takeover Panel Executive consents otherwise, either announce a firm intention to make an offer for Cadbury under Rule 2.5 of the UK Takeover Code, or announce that it does not intend to make an offer for Cadbury.
Kraft made a proposal to the Board of Cadbury on 28 August which was rejected in a letter to the Chairman and CEO of Kraft on 31 August. On 7 September, Kraft published the terms of this proposal and the Board of Cadbury confirmed that it had rejected the proposal on the grounds that it made no strategic or financial sense for Cadbury and fundamentally undervalued the Group and its prospects. The Board's view has not changed since then and the Board reiterates its rejection of Kraft's approach.
Roger Carr, Chairman of Cadbury said: "Cadbury has a strong position in the global confectionery market and the Board is confident in Cadbury's standalone pure play strategy and growth prospects. We have made our position on Kraft's proposal very clear and we welcome the Panel's decision today in the interests of obtaining clarity and certainty for our shareholders and employees at the earliest opportunity."
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