SCENARIOS-Kraft aiming to acquire Cadbury more cheaply
* Kraft is playing hard tactics to win Cadbury
* Shareholders will be underwhelmed by current offer-analyst
* Chances of rival bidders emerging are slim
LONDON, Nov 9 (Reuters) - Kraft Foods (KFT.N) chief executive Irene Rosenfeld is playing hardball with her $16.4 billion hostile offer for Cadbury (CBRY.L), triggering a bid battle that could stretch for up to three months. [ID:nL9380032]
Cadbury lost no time rejecting what chairman Roger Carr described as Kraft's "derisory offer", which values the British chocolatier's shares at 717 pence each, or 9.8 billion pounds ($16.4 billion).
That is down from 745 pence, or 10.2 billion pounds, at the time of the informal approach in September.
But with hopes of a rival bidder fading, bankers and analysts say that Kraft is unlikely to soften its strategy in the run-up to its final bid in early February and could end with a final bid of 800 pence -- or even less. Continued...
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