M&A

20 November, 2009

Cadbury CFO meets investors in New York

NEW YORK, Nov 20 (Reuters) - Cadbury Plc (CBRY.L) canceled a keynote appearance at a Morgan Stanley conference in New York this week but sent its chief financial officer for one-on-one meetings with investors instead.

Cadbury is facing a $16.7 billion hostile takeover bid by Kraft Foods Inc (KFT.N). U.S.-based chocolate maker Hershey Co (HSY.N) and Italy's Ferrero Spa have also confirmed they are considering a bid but have yet to make a specific proposal for the British confectionery group.

Originally Cadbury Chief Executive Todd Stitzer was due to make a lunchtime presentation on Friday at the Morgan Stanley conference, which was closed to press. Morgan Stanley is one adviser to Cadbury in its effort to fend off the Kraft takeover effort.

Cadbury had confirmed Stitzer's appearance, then said late last week that Chief Financial Officer Andrew Bonfield would attend in his stead. But neither name was on an updated agenda made available late this week.

Instead, the schedule touted a debate on investment in the consumer and retail segments for 2010 by Morgan Stanley research teams.

On Friday, Cadbury said that Bonfield had met privately with investors alongside the conference the previous day, but gave no further details. (Reporting by Phil Wahba and David Jones in London, writing by Michele Gershberg, editing by Gerald E. McCormick)

Source: http://www.reuters.com