Cadbury Chief Executive Says Firm Shares "Cultural Similarity" with
Just when everyone had started thinking that no offer is good enough for the British confectionary giant Cadbury, Chief Executive of the firm Todd Stitzer has surprised everyone by saying that the company shares "a lot of cultural similarity" with its latest suitor Hershey, the renowned American brand.
"Both companies were founded by men of principle and vision who created company towns and supported charitable causes. There is quite a lot of cultural similarity. I would prefer Cadbury to be in an environment where its values and principles could continue", Mr. Stitzer was quoted as saying.
Whether this means that Hershey is now the suitor who will walk away with the acquisition or not is unclear, but it certainly makes it more favored, especially against Kraft, offers of which have been rejected time and again by Cadbury, the latest being a cash and shares bid of 9.9 Billion Pounds.
Currently, in addition to Kraft, Hershey, Italy's Ferrero and Switzerland's Nestle are also bidding for Cadbury, and while it is unlikely that any one of these can alone afford to place a bid for the much bigger firms, the three might jointly push an offer which could either lead to Kraft's bid being rejected in favor of theirs or force the American food giant to hike its offer.