INDIA: Cadbury-Schweppes reaches 90% target in Cadbury India offer
The UK-based confectionery and soft drinks group, Cadbury-Schweppes, has announced it has obtained more than 90% of the shares in Cadbury India following its open offer to acquire the outstanding 49% in the company which it did not previously own.
The 90% mark was the company's target for the open offer, which closed on Friday.
In accordance with the SEBI Takeover Code, Cadbury-Schweppes will within the next three months make an additional offer for the remaining shares at the same price as the original bid, 500 rupees per share. On completion of that offer, the company will move to de-list Cadbury India.
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