Hershey Co. (HSY) announced that it does not intend to make an offer for Cadbury plc (CBY,CBRY.L). Hershey said that it reserves the right to announce or participate in an offer or possible offer for Cadbury and/or to take any other action which would otherwise be restricted under Rule 2.8 of the City Code within 6 months of the date of this announcement.
On 19th January 2010, Kraft Foods Inc. (KFT) announced a recommended final offer for Cadbury, that values each Cadbury share at 840 pence per share. As per the terms of the final offer, Cadbury securityholders will be entitled to receive, for each Cadbury share, 500 pence in cash and 0.1874 new Kraft Foods shares, representing in aggregate, 840 pence per Cadbury share. For each Cadbury ADS, securityholders will receive 2 thousand pence in cash and 0.7496 new Kraft Foods shares, which will constitute GBP 33.60 per Cadbury ADS.
Assuming the vesting and exercise of all share options and awards under the Cadbury share schemes, the final offer values the entire issued and to be issued share capital of Cadbury at about GBP 11.9 billion and the issue of 265 million new Kraft Foods shares, which will represent about 18% of the existing issued share capital and 15% of the enlarged issued share capital of Kraft Foods.
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