Reports: Hershey Concedes; Won't Go After U.K.'s Cadbury

The Associated Press just moved an "alert" that says "Hershey won't make bid for Cadbury, paving way for Kraft's deal for the British candy maker."

That would seem to confirm a story in the Financial Times, which said that "Hershey has decided not to mount a bid for Cadbury, abandoning its hope of using the British confectioner as a path to global expansion and conceding that Kraft's recommended bid ... is too high for it to top."

Kraft has offered $19.5 billion for Cadbury. The American food giant's plan to gobble up Cadbury isn't going down well with may Britons, as our friends at Planet Money reported earlier this week.



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