The new year has seen more twists and turns in the pursuit of UK confectionery giant Cadbury. Below is a fresh list of the headlines in the saga so far – and the key dates that lie ahead.
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7 September: Kraft Foods puts initial takeover proposal on table. Cadbury’s board immediately dismisses the approach, arguing it undervalues the company.
8 September: Kraft CEO Irene Rosenfeld insists the group does not need to sell assets to finance the takeover.
12 September: Cadbury chairman Roger Carr attacks “low growth” Kraft in an open letter to Rosenfeld.
25 September: Responding to criticism, Rosenfeld insists Kraft doesn’t “need” Cadbury. “This is something we would like to do, not something that we have to do,” she says.
9 November: Kraft formalises its proposed offer for Cadbury – and goes hostile.
18 November: US chocolate giant Hershey and Italian chocolatier Ferrero confirm interest in Cadbury.
4 December: Kraft sends details of its takeover bid directly to Cadbury shareholders.
14 December: Cadbury issues defence against Kraft takeover; lifts targets for sales growth, margins and dividends.
5 January: Kraft outlines plans to offer more cash to shareholders; sells pizza business to Nestle – which rules itself out Cadbury bid.
5 January: Kraft’s largest investor, Warren Buffett’s Berkshire Hathaway, issues public warning to company over plans to issue shares to fund Cadbury bid.
6 January: Kraft reveals just 1.52% of Cadbury’s shareholders have so far accepted hostile takeover bid.
15 January: Deadline for Kraft to disclose more information about bid. Proposed date for Cadbury trading update.
19 January: Deadline for revisions to Kraft’s offer.
23 January: Last date for any rival offer to Kraft’s bid.
2 February: Deadline for Cadbury investors to tender their shares for Kraft’s bid, should they wish.
