UK confectioner Cadbury will publish the first of its response documents to the proposed Kraft Foods takeover next Tuesday (12 January).
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Cadbury said it will publish two versions, the second of which will be released on 15 January and which will contain more detailed financial information on its performance in 2009.
Both versions will be made available electronically, with only the final version being posted to shareholders.
The Dairy Milk maker has publicly rejected Kraft’s advances on a series of occasions and chairman Roger Carr has labelled the US food giant’s approach as “derisory on a good day”.
On Tuesday (5 January), Kraft outlined plans to give more cash to Cadbury shareholders, although it revealed it had only changed the “mix” of the bid – and not increased its offer.
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By GlobalDataThat day, Carr insisted Kraft’s claims of “discipline” were “really about management weakness”.
On Tuesday, Kraft’s largest investor, the Warren Buffett-led Berkshire Hathaway, said it would oppose the company’s proposal to issue up to 370m new shares in the business to fund its bid for Cadbury.
Carr said: “In essence their offer is limited by powerful Kraft shareholders restricting the stock content and constrained by Kraft’s rating agencies limiting the cash content. The so called discipline is simply a smokescreen to justify an attempt to steal from the Cadbury shareholders.”
