Up to 14 per cent of Cadbury's shares are estimated to be controlled by hedge funds that are betting that Krafty will increase its $16.2bn offer for the UK confectioner, this increase the probability that its hostile bid will succeed.
Brokers predict that towards the end of the bid battle, so-called merger arbitrageurs could own more than a quarter of Cadbury’s stock, potentially shifting the outcome of the deal in Kraft’s favour.
These funds aim to profit from the spread between ...
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