Kraft, Cadbury agree on new disclosure deadline

LONDON - The U.K. Takeover Panel said Wednesday that it had extended the deadline for Kraft Foods Inc. to disclose any new information about its hostile bid to acquire British chocolate and candy maker Cadbury PLC.

Kraft, which has made a cash and shares offer worth 9.8 billion pounds ($16.3 billion), had faced a deadline of Jan. 12 for disclosing new information, but the Takeover Panel agreed to extend that to Jan. 15 to allow Kraft to publish estimated 2008 results.

The last date for Kraft to revise its offer remains Jan. 19, and it has until Feb. 2 to get acceptance of its offer from holders of a majority of Cadbury shares.

Both companies agreed to the revised date, the Takeover Panel said in an announcement to the London Stock Exchange.

The timetable would be reset if another suitor made a firm offer for Cadbury. Cadbury, which is battling to remain independent, has confirmed receiving tentative approaches from Pennsylvania-based Hershey Co. and from Italy's Ferrero International SA.