UK Takeover Panel extends key deadline in Kraft bid for Cadbury

Kraft, Cadbury agree on new disclosure deadline

LONDON — The U.K. Takeover Panel said Wednesday that it had 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.

Cadbury had faced a deadline of Jan. 12 for publishing new information about the hostile takeover, but the Takeover Panel agreed to extend that to Jan. 15 to allow Cadbury to publish estimated trading results for 2009.

Kraft has made a cash and shares offer worth 9.8 billion pounds ($16.3 billion).

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 holders of a majority of Cadbury shares.

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

The timetable would be reset if another suitor made a firm offer for Cadbury.

Cadbury said in a statement it was pleased its shareholders will have the opportunity to review the most updated information available on its trading performance as they evaluate the Kraft offer.

Cadbury, which is battling to remain independent, has confirmed receiving tentative approaches from The Hershey Co. and Italy’s Ferrero International SA.