LONDON (AP) — Kraft Foods and British chocolate and gum maker Cadbury say they are close to an agreed takeover deal and will announce details later in the day.
“The boards of Kraft Foods Inc. and Cadbury plc confirm that they are finalizing the terms of a recommended offer for Cadbury PLC. A further announcement will be made shortly,” they said Tuesday in a an annoucement to the London Stock Exchange.
Kraft faces a deadline Tuesday to raise its hostile takeover bid, which the U.K. company had earlier rejected as “derisory.”
