Word: hershey
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Kraft's unsolicited bid to take out candy giant Cadbury PLC in a GBP10.2 billion ($16.7 billion) deal has Wall Street placing bets on whether rival Hershey Co. will jump into the fray...
Cadbury swiftly dismissed Kraft's bid as too low, but speculation is running rampant on Wall Street that Cadbury is now in play and that either Kraft will sweeten its offer or another rival, such as Hershey, will step up. Industry experts speculate that bidding could exceed $21 billion before a merger is clinched. Read "Chocolate, Meet Choco-Luxe...
...Hershey, which makes candy under such brands as Hershey, Reese's, Kit Kat, Bliss, Twizzlers and Ice Breakers, has long been touted as an ideal partner for Cadbury. A marriage would combine the Hershey, Pa., company's dominant position in the U.S. candy market with Cadbury's stellar role overseas to create an international powerhouse. The two have been involved in merger talks off and on for more than a decade, with Cadbury being the suitor. However, Hershey has always been the reluctant bride, with the company's Hershey Trust, which controls more than 75% of the company's voting...
...steadfastly insisted it prefers to go it alone, even rejecting a $10.2 billion bid made jointly by Cadbury and Nestlé in 2002. It does, however, hold the rights to manufacture and distribute Cadbury's products in the U.S. through a 1988 licensing agreement, notes Kirk Saville, a Hershey spokesman...
...sales, for instance, Kraft's offer amounts to roughly half that tabled by Mars in its acquisition of Wrigley, says Jeremy Batstone-Carr, an analyst at brokers Charles Stanley in London. Expectation of a second bid from Kraft, a fresh one from Switzerland's Nestlé or U.S. confectioner Hershey, or even a combined approach from Kraft and one of its rivals pushed Cadbury shares 40% higher Monday. (Read about the world's best chocolate...