PORTLAND, Ore. (AP) — Kraft Foods Inc. faces a deadline Tuesday to get the majority of Cadbury PLC shareholders to approve its $19.5 billion offer to acquire the British candy maker.
Shareholders are expected to approve the deal.
Kraft announced its intent to acquire the company in September, and the deal quickly turned hostile. But Cadbury's board relented and backed the bid in January after the U.S. foodmaker sweetened its offer to $19.5 billion (11.5 billion pounds) and no other bids had surfaced.
Kraft, of Northfield, Ill., is offering Cadbury stockholders 500 pence cash and 0.1874 new Kraft shares for each of its Cadbury shares.
The deal does not require a vote by Kraft's shareholders.
