Kraft Foods Inc. (KFT) issued offer update for acquisition of Cadbury Plc (CBY, CBRY.L) and result of elections under the Mix and Match Facility.
On 2 February 2010, Kraft Foods declared its recommended Final Offer to acquire the whole of the issued and to be issued share capital of Cadbury as wholly unconditional. The Final Offer remains open until further notice and at least 14 days' notice will be given if Kraft Foods decides to close the Final Offer.
As announced by Kraft Foods, as on February 2, 2010, Kraft Foods had received valid acceptances of the Offer in respect of a total of 987.68 million Cadbury Shares, representing about 71.73% of the existing issued share capital of Cadbury.
The company noted that as at 1.00 p.m. (London time) on February 2, 2010, valid elections for additional New Kraft Foods Shares under the Mix and Match Facility had been received in respect of 732.87 million Cadbury Shares and valid elections for additional cash under the Mix and Match Facility had been received in respect of 59.69 million Cadbury Shares.
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