Tonight:
5°c
Kraft playing waiting game
6 Nov 2009Kraft looks like leaving its next bid to buy Cadbury until the last possible day.
The US food giant has until Monday evening to increase its first offer for the chocolate maker, which was rejected as insufficient by the Cadbury board.
Under City takeover rules Kraft must make its next move by Monday or walk away for at least six months.
There was no news today from either side.
The original offer, which emerged in September, was for 300p in cash and 0.2589 new Kraft shares for every Cadbury share. That valued stock at 745p, since when Cadbury shares have risen and Kraft's fallen somewhat.
City analysts believe Cadbury shareholders would back the bid if it was towards 850p.
