Kraft nears deadline to make Cadbury offer

Posted In: Manufacturing

By BETSY VERECKEY - AP Business Writer - Associated Press

Friday, November 6, 2009

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The clock is ticking on a Monday deadline for Kraft Foods Inc. to make a formal offer for British candy maker Cadbury PLC.

Kraft, which makes Oreo cookies, Nabisco crackers and its namesake cheese, on Tuesday told investors to keep an eye on its filings — a clue that a bid may be right around the corner.

Monday is the last day permitted for Kraft to "put up or shut up," according to U.K. regulators. If Kraft doesn't make a formal bid by then, it must walk away for six months.

Cadbury spurned Kraft's cash-and-stock offer in September. It was then worth $16.7 billion. It would now be worth less because Kraft's shares have fallen in value. Analysts expect Kraft to make an offer close to its previous bid.

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