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We'll Buy You, As Long As You Assume The Majority Of The Financing Risk In A Turbulent Market

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It's a pretty appealing pitch, especially when made by the Kravis & Schwarzman traveling comedy deal-team. It is amazing that Cadbury rejected the offer, especially when all it had to do was take on a high level of risk and create a less than optimal situation for shareholders.
The setup - Blackstone, KKR and Lion Capital offered to buy Cadbury for $13-$14 billion, but wanted Cadbury to finance up to $7 billion of the deal.
The punchline - involved Kravis drinking a ton of Dr. Pepper and burping every time Schwarzman tried to talk about IPO'ing before the market turned. It was reported that Cadbury's discounted beverage unit smirked, but the company ultimately rejected the offer.
Cadbury is thinking about demerging rather than selling or floating considering the current PE market, and still thinks it's worth a good $14 billion or so (7 billion pounds). In the early summer, competing PE consortia were vying for Cadburys with a valuation closer to $16 billion.
Cadbury rejects drinks bid due to financing: sources [Reuters]