News that Hershey and Ferrero could be preparing a joint bid for Cadbury helped buoy shares in the UK confectioner yesterday.
Shares in the Dairy Milk maker rose almost 10p to 797.5p yesterday, as Hershey and Ferrero separately confirmed they were considering an approach. Earlier this month Kraft Foods launched its widely-trailed hostile bid for Cadbury at just 717p per share.
“Hershey confirms that it is reviewing its options and at this stage there can be no assurance that any proposal or offer from Hershey will be forthcoming,” the company said in a statement.
Ferrero said: “Ferrero confirms it is in the preliminary stages of evaluating its options in respect of Cadbury.”
Hershey and Ferrero eye joint Cadbury bid (18 November 2009)
Cadbury’s Carr continues war of words with Kraft (16 November 2009)
Hot Topic: If a hostile takeover is a marathon not a sprint, hedge funds are the Kenyans (14 November 2009)