Kraft moves to have Cadbury delisted

KRAFT has begun the process to have confectionary maker Cadbury delisted from the London Stock Exchange, effectively ending its status as an independent company.

The US food giant has received acceptances from 75% of the Cadbury shareholders for its £11.5bn takeover allowing it to proceed with the suspension of the Bournville company’s trading.

Cadbury has confirmed that the 20 Business Days’ notice period for the cancellation of its shares and trading on the stock exchange has begun.

It is expected delisting will take effect on March 8, ending the company’s 40-year career on the Official List.

Cadbury also intends to apply for the delisting of its American Depositary Shares from the New York Stock Exchange from the same day.

Anyone retaining shares after this will see the value of their holding significantly reduced.

Once delisting is completed Cadbury will be re-registered as a private company, although under the ownership of Kraft.

Kraft said its final offer of £8.50 per share remained open until further notice and it has pledged at least 14 days’ notice of its intention to close the offer.

When Kraft has acceptances from 90% of Cadbury’s shareholders it will be allowed to buy the remaining 10% of shares automatically.