Shares of Cadbury Plc rose today in London on speculation Hershey Co. will top Kraft's recent bid for the British candymaker, which "is more amenable to being owned by Hershey than Kraft, the US food conglomerate, if a bid comes at the right price," reports the Financial Times here.
"The charitable trust that controls Hershey is pushing the company’s management to put together a £10.3bn ($17 billion) bid for Cadbury that would trump a £9.8bn ($16.5 billion) hostile bid from Kraft using stock, debt and contributions from investors such as pension funds." Hershey said last week it was considering whether to bid for Cadbury in an effort to lock in foreign sales at a time when U.S. residents are spending less on Hershey bars.
That's something of a reversal for Hershey, which is dominated by a politically-connected charitable board whose chairman, former PA attorney general and Harrisburg-area politician LeRoy Zimmerman, resisted efforts by past Hershey managers and boards to sell the company and raise more money for the school bequeathed by founder Milton Hershey. More from Wall St. Journal here.
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