NEW YORK, Sept 30 (Reuters) - Hershey Co 'remains stymied' in its ability to assemble a takeover offer for Cadbury Plc, leaving Kraft Food Inc as the sole bidder for the British confectioner, The Wall Street Journal reported on Wednesday.
Hershey executives and the charitable trust that controls the chocolate maker have been weighing options since Kraft made its bid public earlier this month, but 'so far have no financing or strategic plan for a bid,' the newspaper reported in its electronic edition.
Hershey declined to comment.
Hershey's annual revenues are too small to support the debt load needed to make a competing offer to Kraft's $16.3 billion bid, the newspaper said.
Hershey realized it is 'several billion short of matching the current offer,' the newspaper said, citing a person familiar with the company.
(Reporting by Jessica Hall and Brad Dorfman; editing by Andre Grenon)
(For more M&A news and our DealZone blog, go to http://www.reuters.com/investing/news/mergers) Keywords: CADBURY/HERSHEY (jessica.hall@thomsonreuters.com; 215-922-1086; Reuters Messaging: jessica.hall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Hershey executives and the charitable trust that controls the chocolate maker have been weighing options since Kraft made its bid public earlier this month, but 'so far have no financing or strategic plan for a bid,' the newspaper reported in its electronic edition.
Hershey declined to comment.
Hershey's annual revenues are too small to support the debt load needed to make a competing offer to Kraft's $16.3 billion bid, the newspaper said.
Hershey realized it is 'several billion short of matching the current offer,' the newspaper said, citing a person familiar with the company.
(Reporting by Jessica Hall and Brad Dorfman; editing by Andre Grenon)
(For more M&A news and our DealZone blog, go to http://www.reuters.com/investing/news/mergers) Keywords: CADBURY/HERSHEY (jessica.hall@thomsonreuters.com; 215-922-1086; Reuters Messaging: jessica.hall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
