Updated from 12:34 a.m. EST
board members have told directors of
they would support a takeover bid from Hershey and provided guidance on what price would draw support, reports say.
Hershey has sought direction in these talks from Cadbury, which is trying to fend off a
Wall Street Journal
Hershey has disclosed financial terms and the structure of a possible offer. It also has asked if Cadbury would be open to selling certain assets, the
reports, citing several people familiar with the matter.
reports Cadbury isn't only seeking a higher price than Kraft's offer of almost $17 billion, but a merger partner that would let the U.K. confectionary maker have some say in a combined company.
cited two sources familiar with the talks.
A Hershey offer has the support of Cadbury board members and Cadbury CEO Todd Stitzer, the
Cadbury said Thursday it plans to publish an updated defense against Kraft's hostile bid on Tuesday. It expects to report 2009 earnings next Thursday.
Talks between Hershey and Cadbury have been taking place for about a month, but they have become "more frequent and more open" in recent weeks, a person said, the
Kraft's bid for Cadbury received conditional approval from the European Commission Wednesday as long as Kraft sheds Cadbury's Polish and Romanian chocolate businesses.
-- Written by Joseph Woelfel in New York.
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