UK: Cadbury investor “backs higher Kraft bid”

23 October 2009 | Source: just-food.com

A "key" Cadbury investor has indicated that he would consider a bid from Kraft Foods if it were in the region of 820p per share, a report in the UK claimed today (23 October).

Kraft indicated its intention to make a bid for Cadbury last month, with an approach of 745p per share. The US food giant was given until 9 November to either table a formal offer or walk away from the deal by the UK's Takeover Panel.

According to The Daily Telegraph, the top-ten shareholder indicated that such a price would reflect the "synergy benefits" of a merger.

Earlier this week, Cadbury reported better than expected third-quarter sales gains and raised its full-year revenue and margin targets.