Business

Kraft, Cadbury agree on new disclosure deadline

Posted December 29, 2009 10:00 pm

Associated Press

LONDON -- The U.K. Takeover Panel has extended the deadline to allow British chocolate and candy maker Cadbury PLC to disclose any new information about the bid by Kraft Foods Inc. to acquire it.

Northfield-based Kraft has made a cash-and-shares offer worth $16.3 billion for the British company. Cadbury had faced a Jan. 12 deadline for disclosing new information, but the Takeover Panel today agreed to extend that to Jan. 15 to allow Cadbury to publish estimated 2008 results.

The last date for Kraft to revise its offer remains Jan. 19, and it has until Feb. 2 to get acceptance of its offer from a majority of Cadbury shareholders.

In an announcement to the London Stock Exchange, the Takeover Panel said both companies agreed to the revised date.

The timetable would be reset if another suitor made a firm offer for Cadbury, which is battling to remain independent.

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