By BETSY VERECKEY - AP Business Writer - Associated Press
Friday, November 6, 2009
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.
