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BID TIMETABLE

7 September
Kraft goes public with a proposed offer for Cadbury of 745p per Cadbury share, or £10.2bn. Cadbury rejects it as undervaluing the group and its prospects.

13 September
Cadbury’s chairman Roger Carr (pictured) says offer is “unappealing” and “unattractive” in an open letter toKraft’s chairman Irene Rosenfeld.

21 September
Cadbury asks the UK Takeover Panel to make a "put up or shut up" request to Kraft.

30 September
UK Takeover Panel rules Kraft has until 5pm on 9 November to make a formal offer or walk away for six months.

21 October
Cadbury posts upbeat third-quarter trading with underlying sales up 7 per cent

3 November
Kraft third-quarter results disappoint investors with weaker-than-expected revenue. The firm cuts its 2009 sales forecast.

9 November
Kraft formalises its bid at the same terms as the original approach, but due to a drop in Kraft’s share price the offer is now less at £9.8bn.
Kraft now has 28 days to distribute its offer to shareholders.

7 December
60 day bid timetable begins under UK Takeover laws

15 January 2010
39th day – last day for Cadbury to update the market or provide any new trading information

22 January 2010
46th day ­– last chance for Kraft to revise its offer.

5 February 2010
Ultimate deadline. If the hostile bid is not accepted by enough shareholders to win the bid (must be above 50 per cent, normally around 90 per cent) Kraft must walk away for a year.