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Kraft offer unlikely to stay at this level-source

Mon Nov 9, 2009 11:07am EST

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PHILADELPHIA, Nov 9 (Reuters) - Kraft Foods Inc's (KFT.N) offer for Cadbury Plc (CBRY.L) is unlikely to stay at its current level as the company brings its takeover campaign directly to the British confectioner's shareholders, a source familiar with the situation said on Monday.

Stocks  |  Mergers & Acquisitions  |  Non-Cyclical Consumer Goods

Kraft, which made no effort to hold talks with Cadbury in recent weeks, turned hostile on Monday and refused to sweeten its $16.4 billion offer for Cadbury. Kraft has "given up" on getting an endorsed offer from Cadbury's board and instead will wage its takeover campaign directly with Cadbury shareholders, the source said.

Kraft's offer is "unlikely to stay at this level at the end of the day," the source said. (Reporting by Jessica Hall; Editing by Lisa Von Ahn) (For more M&A news and our DealZone blog, go to here)

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