Kraft chief executive Irene Rosenfeld has at long last satisfied her sweet tooth after the Cadbury board accepted an improved 850p per share offer to buy Britain’s best-loved chocolate maker (see story).
The transatlantic tussle has given starved M&A lawyers (and reporters) on both sides of the pond a chance to tackle an old-school hostile takeover (see City column).
Kraft’s successful pursuit, rated by those in the know as 50-50 at best just a week ago, will be especially welcomed by Clifford Chance.
The magic circle firm had teams in New York and London acting on the deal. Corporate partner Sarah Jones was apparently so enthused by it that she braved snow and sub-zero New York temperatures while eight-months pregnant to keep the client happy. We think a box of Roses, at least, should be winging its way to her as we speak.
Celebrations for Cadbury’s advisers might be more muted, after seeing their client become yet another Great British brand sold to our American cousins. But with the price widely seen as a pretty impressive outcome, there might not be too many tears at Slaughters.
It might be another story for Hershey advisers Linklaters and Sullivan & Cromwell, as the chance of a counter-offer appears to have receded.
But with a final deadline of next Monday morning, anyone calling the deal done and dusted might end up with creme egg all over their face.
Also on TheLawyer.com: Trio of firms advise on sale of West Ham; asset manager BLM partners turns to Nomura for hire of its first-ever general counsel; Mishcon prepares to take on the US market with the launch of a New York office; and what do litigators think of Lord Justice Jackson’s costs review?