{"id":214560,"date":"2010-01-22T14:15:00","date_gmt":"2010-01-22T19:15:00","guid":{"rendered":"tag:blogger.com,1999:blog-3087194156628161158.post-3524878652686113138"},"modified":"2010-01-22T14:24:38","modified_gmt":"2010-01-22T19:24:38","slug":"fox-business-hershey-withdraws-from-cadbury-competition","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/214560","title":{"rendered":"FOX BUSINESS: Hershey Withdraws from Cadbury Competition"},"content":{"rendered":"<p><!-- AddThis Button BEGIN -->    <span>By <\/span>Ken Sweet<\/p>\n<div xmlns=\"http:\/\/www.w3.org\/1999\/xhtml\" functx=\"http:\/\/www.functx.com\" class=\"authInfo\">\n<h6>FOXBusiness<\/h6>\n<\/p><\/div>\n<div class=\"mainContent\">\n<style xmlns=\"http:\/\/www.w3.org\/1999\/xhtml\" functx=\"http:\/\/www.functx.com\" type=\"text\/css\">                 .ybuzz { float: right; margin-top: -4px; margin-left: -2px; } \/\/ get ybuzz li to show up properly on the right   <\/style>\n<div xmlns=\"http:\/\/www.w3.org\/1999\/xhtml\" functx=\"http:\/\/www.functx.com\" class=\"socShare\" style=\"z-index: 99999;\">     <\/div>\n<h4 xmlns=\"http:\/\/www.w3.org\/1999\/xhtml\" functx=\"http:\/\/www.functx.com\" class=\"storyDate\">Friday, January 22, 2010<\/h4>\n<div name=\"articleCont\" xmlns=\"http:\/\/www.w3.org\/1999\/xhtml\" functx=\"http:\/\/www.functx.com\" id=\"articleCont\" style=\"color: rgb(0, 0, 0);\">\n<p>Pennsylvania chocolate maker Hershey (<a href=\"javascript:stockSearch('HSY');\">HSY<\/a><span id=\"symbol_0\">: <\/span><span id=\"symbol_0_price\">36.78, <\/span><span id=\"symbol_0_change\">0.59, 1.63%<\/span>) <a href=\"http:\/\/www.thehersheycompany.com\/news\/release.asp?releaseID=1377964\">said Friday<\/a> that    it does not intend to make a competing bid for Cadbury (<a href=\"javascript:stockSearch('CBY');\">CBY<\/a><span id=\"symbol_1\">: <\/span><span id=\"symbol_1_price\">53.58, <\/span><span id=\"symbol_1_change\">-0.32, -0.59%<\/span>),    leaving Kraft&#8217;s (<a href=\"javascript:stockSearch('KFT');\">KFT<\/a><span id=\"symbol_2\">: <\/span><span id=\"symbol_2_price\">28.0175, <\/span><span id=\"symbol_2_change\">-0.2025, -0.72%<\/span>) bid as the only option available for    the British confectionery maker. <\/p>\n<p>Hershey was required by U.K. takeover laws to announce a formal bid or withdraw from the competition for six months. Kraft    and Cadbury announced a friendly transaction on Tuesday that would allow Kraft to purchase Cadbury for $19.4 billion.<\/p>\n<p>Hershey gave no reason for its withdraw from the competition, but said if there a &#8220;material change in circumstances&#8221; regarding    Kraft&#8217;s bid for Cadbury it would reevaluate its options.<\/p>\n<p>With Hershey formally withdrawing from the competition, Kraft now is the only major company with a bid for Cadbury. While    some Kraft shareholders like Warren Buffett are against the idea of Kraft purchasing Cadbury, Kraft does not need shareholder    approval for the transaction.<\/p>\n<p>Hershey is now in a vulnerable position. Several of its major competitors like privately-owned Mars. Inc. have grown in    size from acquisitions in recent years while Hershey remains a mostly domestic chocolate maker. <\/p>\n<p>It was considered that Hershey was too small to buy Cadbury on its own. Hershey executives reportedly pondered the idea    of going in for a joint bid for Cadbury for several months, possibly with Italian chocolatier Ferrero SpA or with another    company. None of those ideas came to fruition.<\/p>\n<p>The <i>Wall Street Journal <\/i>reported earlier this week that Hershey may eventually have to sell its business to a foreign    competitor, such as Swiss company Nestle.<\/p>\n<p>Hershey was down 0.1% in early Friday trading to $36.14 a share, Kraft shares were lower by 0.9% to $28.00 and Cadbury    shares were down 0.74% to $53.44.<\/p>\n<p><a name=\"comments\"><span style=\"font-weight: bold;\">Share Investor Links<\/span><\/a><a name=\"comments\"><\/a><\/p>\n<p><a href=\"http:\/\/www.shareinvestorblog.com\/\">Share Investor Blog<\/a> &#8211; Stockmarket &amp; Business commentary<br \/><a href=\"http:\/\/shareinvestornz.blogspot.com\/2007\/02\/new-zealand-business-news.html\">Share Investor New Zealand Business News<\/a>&#8211; Get more business news<br \/>Discuss this topic @<a href=\"http:\/\/www.shareinvestorforum.com\/\"> Share Investor Forum<\/a> &#8211; <a href=\"http:\/\/shareinvestorforum.com\/ucp.php?mode=register&amp;sid=450a61250472e03fa25c205c9c1723f1\"><strong>Register<strong><\/strong><\/strong><\/a> free<br \/><a href=\"http:\/\/www.currency-market.blogspot.com\/\">Share Investor&#8217;s Daily Forex Updates<\/a><\/p>\n<p><span style=\"font-weight: bold;\">Recommended Amazon Reading<\/span><\/p>\n<table id=\"searchResults\" cellspacing=\"0\">\n<tbody>\n<tr class=\"clsOdd\">\n<td class=\"tdimage\"><a href=\"http:\/\/astore.amazon.com\/shareinvestorbookstore-20\/detail\/0553384619\"><img decoding=\"async\" src=\"http:\/\/ecx.images-amazon.com\/images\/I\/51hlhRX908L._SL75_.jpg\" alt=\"The Snowball: Warren Buffett and the Business of Life\" \/><\/a><\/td>\n<td class=\"tddescription\"><a href=\"http:\/\/astore.amazon.com\/shareinvestorbookstore-20\/detail\/0553384619\">The Snowball: Warren Buffett and the Business of Life<\/a> by <span class=\"by\">Alice Schroeder<\/span><br \/>Buy new:        $13.60       \/ Used from:        $11.85<br \/><span class=\"availability\">Usually ships in 24 hours<\/span><\/td>\n<\/tr>\n<tr class=\"clsEven\">\n<td class=\"tdimage\"><a href=\"http:\/\/astore.amazon.com\/shareinvestorbookstore-20\/detail\/0060555661\"><img decoding=\"async\" src=\"http:\/\/ecx.images-amazon.com\/images\/I\/41rcIrKhYiL._SL75_.jpg\" alt=\"The Intelligent Investor: The Definitive Book on Value Investing. 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Hershey was required by [&hellip;]<\/p>\n","protected":false},"author":833,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-214560","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/214560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/833"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=214560"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/214560\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=214560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=214560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=214560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}