LONDON — Britain’s Takeover Panel on Dec. 30 granted Cadbury P.L.C. an extra three days to publish its 2009 results, extending the deadline to Jan. 15, 2010, from Jan. 12. The trading results are expected to be a key factor in Cadbury’s defense against Kraft Foods Inc.’s hostile bid for the London-based confectionery maker.
Kraft Foods originally made a hostile bid for Cadbury in mid-December after its original bid was rejected by Cadbury.
Kraft is offering Cadbury shareholders 300 pence in cash and 0.2589 new Kraft shares for each Cadbury share. Overall, this gives Cadbury a value of 713 pence per share and an entire issued shared capital of £9.8 billion ($16.5 billion), which compares with a value of 745 pence, or £10.2 billion, at the time of the original offer in September. The lower overall value of the offer is due to the lower value of Kraft shares.