September 18, 2009
NEW YORK (AP) — The trust that controls Hershey Co. has hired a notable banker and a small banking firm to advise on a possible bid for rival candy maker Cadbury PLC to compete with an offer from Kraft Foods Co., according to a published report.
The Wall Street Journal, citing people familiar with the matter, reported Thursday that the trust has hired Byron Trott, a former Goldman Sachs & Co. banker who has worked closely with famed investor Warren Buffett, and boutique banking firm Watch Hill Partners.
Kraft Foods Inc. has made a $16.7 billion bid for Cadbury, which the U.K. company has rebuffed. While Kraft remains intent on further negotiations, many have speculated that Hershey may make a bid of its own.
Because of its smaller size in comparison with Kraft, Hershey could face more difficulty financing such a large acquisition. But some analysts have suggested it could partner with Swiss food company Nestle SA for a joint offer.
Hershey declined to comment. Representatives for both Trott and Watch Hill did not respond to requests for comment.
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