Offer Update
February 05 2010 - 2:00AM
UK Regulatory
TIDMCBRY
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
5 February 2010
OFFER
by
KRAFT FOODS INC.
for
CADBURY PLC
Notice of Delisting and Related Matters
Kraft Foods announced on 2 February 2010 that all of the Conditions to its
recommended Final Offer had been satisfied or waived and, accordingly, the
Offer was wholly unconditional.
Level of acceptances
As at 5.00 p.m. (London time) on 4 February 2010, Kraft Foods had received
valid acceptances of the Offer in respect of a total of 1,038,720,625 Cadbury
Shares (including those represented by Cadbury ADSs), representing
approximately 75.41 per cent. of the existing issued share capital of Cadbury.
Delisting and re-registration
As Kraft Foods is in receipt of valid acceptances in respect of at least 75 per
cent. of the existing issued share capital of Cadbury, Cadbury confirms that
the 20 Business Days' notice period for the cancellation of the listing of
Cadbury Shares on the Official List and the trading on the London Stock
Exchange for listed securities has commenced. It is anticipated that
cancellation of listing and trading will take effect no earlier than 8.00 a.m.
(London time) on 8 March 2010. Cadbury intends to apply for the delisting of
Cadbury ADSs from the NYSE, in so far as practicable effective on the same date
as the cancellation of delisting and trading of the Cadbury Shares. As promptly
as practicable, Cadbury intends to terminate its ADS program and the Deposit
Agreement.
Delisting is likely to reduce significantly the liquidity and marketability of
any Cadbury Shares (including those represented by Cadbury ADSs) in respect of
which the Offer has not been accepted.
It is also proposed that, after Cadbury Shares are delisted, Cadbury will be
re-registered as a private company.
Acceptance of the Offer
The Final Offer remains open until further notice and at least 14 days' notice
will be given if Kraft Foods decides to close the Final Offer.
Cadbury Securityholders who have not yet accepted, and wish to accept, the
Offer should take action to accept the Offer as soon as possible. Details of
the procedure for doing so are set out in the Final Offer Documents (including,
in the case of certificated Cadbury Shares and Cadbury ADSs, the Final
Acceptance Forms) sent to Cadbury Securityholders on 20 January 2010. The Final
Offer Documents are also available on Kraft Foods' website (
www.transactioninfo.com/kraftfoods).
Compulsory acquisition
Kraft Foods intends, assuming it becomes so entitled (by receiving 90 per cent.
acceptances), to acquire compulsorily any outstanding Cadbury Shares (including
any Cadbury Shares represented by Cadbury ADSs) pursuant to the provisions of
the 2006 Act.
Further information
If you have questions in relation to the Offer and you are not a Cadbury US
Shareholder, Cadbury Canadian Shareholder or Cadbury ADS Holder, please
telephone Computershare Investor Services PLC on 0870 889 3144 (from within the
UK), or on +44 870 889 3144 (from outside the UK).
If you have questions in relation to the Offer and you are a Cadbury US
Shareholder, Cadbury Canadian Shareholder or Cadbury ADS Holder, please
telephone Georgeson on +1 (212) 440-9800 (Banks and Brokers), +1 (800) 868-1391
(Toll-Free in the United States) or +1 (212) 806-6859 (from outside the United
States).
Other than as expressly set out in this announcement, capitalised terms used in
this announcement shall have the meaning given to them in the Final Offer
Document published by Kraft Foods on 19 January 2010.
Enquiries
Kraft Foods
Perry Yeatman (Media) +1 847 646 4538
Chris Jakubik (Investors) +1 847 646 5494
Cadbury
John Dawson (Investors) +44 1895 615124
Brunswick Group (public relations)
Richard Jacques +44 20 7404 5959
Jonathan Glass +44 20 7404 5959
Further information
This announcement does not constitute, and must not be construed as, an offer
to sell or an invitation to purchase or subscribe for any securities or the
solicitation of an offer to purchase or subscribe for any securities, pursuant
to the Offer or otherwise. The Offer is being made by the Original Offer
Documents, the Final Offer Documents and accompanying documentation (the "Offer
Documentation"). Cadbury Securityholders who accept the Offer may rely only on
the Offer Documentation for all the terms and conditions of the Offer.
This announcement is not a prospectus for the purposes of the EU Prospectus
Directive. Cadbury Securityholders in the EU should not tender their shares
except on the basis of information in the prospectus published pursuant to the
EU Prospectus Directive on Kraft Foods' website (as supplemented from time to
time). In making their decision whether or not to accept the Offer, Cadbury
Securityholders who are South African residents will need to take into account
the Excon Regulations, and consider whether or not their acceptance of the
Offer and their subsequent receipt of consideration for their Cadbury Shares
from Kraft Foods, whether in the form of cash and/or New Kraft Foods Shares,
will be in compliance with the Excon Regulations.
The release, publication or distribution of this announcement and any other
Offer-related documentation in jurisdictions other than the UK, the US, Canada,
France, Ireland or Spain, and the availability of the Offer to Cadbury
Securityholders who are not resident in such jurisdictions may be affected by
the laws or regulations of relevant jurisdictions. Therefore any persons who
are subject to the laws and regulations of any jurisdiction other than the UK,
the US, Canada, France, Ireland or Spain, and Cadbury Securityholders who are
not resident in such jurisdictions should inform themselves of and observe any
applicable requirements.
Forward-looking statements
This announcement contains forward-looking statements regarding the Final
Offer. Such statements include, but are not limited to, statements about the
benefits of the combination and other such statements that are not historical
facts, which are or may be based on Kraft Foods' plans, estimates and
projections. These forward-looking statements are subject to a number of risks
and uncertainties, many of which are beyond Kraft Foods' control, that could
cause Kraft Foods' actual results to differ materially from those indicated in
any such forward-looking statements. Such factors include, but are not limited
to, the risk factors, as they may be amended from time to time, set forth in
Kraft Foods' filings with the US Securities and Exchange Commission ("SEC"),
including the registration statement on Form S-4, as amended from time to time,
filed by Kraft Foods in connection with the Final Offer, Kraft Foods' most
recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q
and 8-K. Kraft Foods disclaims and does not undertake any obligation to update
or revise any forward-looking statement in this announcement, except as
required by applicable law or regulation.
Additional US-related information
This announcement is provided for informational purposes only and is neither an
offer to purchase nor a solicitation of an offer to sell shares of Cadbury or
Kraft Foods. Kraft Foods has filed a registration statement and tender offer
documents, including subsequent amendments, and Cadbury has filed a
solicitation/recommendation statement on Schedule 14D-9, including subsequent
amendments, with the SEC in connection with the recommended Final Offer.
Cadbury Shareholders who are US or Canadian residents and holders of Cadbury
ADSs, wherever located, should read those filings, and any other filings made
by Kraft Foods and Cadbury with the SEC in connection with the recommended
Final Offer, as they contain important information. Those documents, as well as
Kraft Foods' other public filings with the SEC, may be obtained without charge
at the SEC's website at www.sec.gov and at Kraft Foods' website at
www.kraftfoodscompany.com.
END
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