Kraft Foods has been set a deadline to make a formal offer for Cadbury or the US food giant will be forced to put any takeover ambitions on hold for six months.

In a statement released this morning (30 September), the UK’s Takeover Panel said that Kraft must either announce a firm offer for the UK confectioner by 5pm on 9 November or “announce that it does not intend to make an offer”.

Cadbury first rejected Kraft’s GBP10.2bn (US$16.26bn) advance three weeks ago, claiming that the offer “materially undervalued” the company and its prospects for growth.

Responding to the Takeover Panel announcement, Cadbury insisted that its view of Kraft’s proposal remained unchanged.

“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,” Cadbury’s chairman Roger Carr said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We have made our position on Kraft’s proposal very clear and we welcome the panel’s decision in the interests of obtaining clarity and certainty for our shareholders and employees at the earliest opportunity.”