Cadbury sets date for Kraft response

Dairy Milk maker Cadbury will launch its defence against Kraft’s hostile takeover bid on December 14, the UK firm announced today.

The posting of its circular to more than 50,000 shareholders follows the publication of Kraft’s offer document on Friday.

The bid from Kraft – the company behind brands including Toblerone, Dairylea and Kenco coffee – values Cadbury at around 713p a share – equivalent to £10.1bn – although Cadbury’s shares were trading at 794p today.

The first deadline for shareholder acceptances has been set at January 5, with the whole process subject to a 60-day timetable under Takeover Panel rules.

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