surged 9% Tuesday after activist investor Nelson Peltz disclosed a 3% stake in the candy maker.
The billionaire acquired 62.5 million shares via his investment firm Trian Fund Management, according to a filing with the
Securities and Exchange Commission
. A call to Peltz at his New York-based investment firm was directed to a spokeswoman, who was unable to comment.
Peltz, the largest shareholder in
, is notorious for shaking up management. It is unclear whether Peltz will seek a seat on Cadbury's board. In the past, Peltz has maneuvered his way onto the board at
Cadbury is run by Harvard-educated Todd Stitzer, who joined the company's North America operation in 1983 as assistant general counsel. Calls to executives at the company in London were directed to a spokeswoman, who was unable to comment.
Shares of Cadbury rose $3.98 at midafternoon to a 52-week high of $46.35 after earlier trading as high as $47.14.