Cadbury may get $21 bn if Nestle, Hershey trump Kraft

LONDON: Cadbury, the confectioner that rejected Kraft Foods��� bid on Monday, may attract suitors ranging from Nestle to Hershey and sell for as much as $21 billion, according to analysts.

The UK-based maker of Dairy Milk chocolate and Trident chewing gum spurned Kraft���s $16.7 billion bid as ���fundamentally inadequate��� and its shares surged past the offer price, suggesting investors are expecting a sweetened proposal from the Northfield, Illinois-based company or a rival offer.

Nestle, the only food company larger than Kraft, may be tempted to thwart its smaller rival���s ambitions to bulk up, and team with Hershey to break up Cadbury, according to Evolution Securities, Panmure Gordon and Kepler Capital Markets. Other potential predators include Kellogg and PepsiCo. Kraft said it would keep trying to persuade Cadbury to start talks.