Sweeten the deal

Cadbury CEO Todd Stitzer yesterday had a not-so-subtle message for Kraft CEO Irene Rosenfeld: If you want my company, you’ll have to pay up.

While Stitzer in an interview with The Post refused to comment directly on Kraft’s $16 billion bid, he did note that the UK-based candy company’s current stock price is a better reflection of what Rosenfeld should be prepared to pay for Cadbury.

“I think our current share price is beginning to reflect our standalone value,” he said, referring to the company’s current stock price of 799 pence (around $13.27). “Our share price is getting to the right space.”

Yesterday’s closing stock price is about 10 percent higher than the per-share equivalent of Kraft’s bid, which as of yesterday was worth about 730 pence (around $12.14).

Under British law, Kraft has until Nov. 9 to make a formal bid for the UK-based candy company, and a source close to Cadbury told The Post last week that the company is open to a sale to Kraft, provided it’s at the right price.

Meanwhile, in a sign that the number of potential Kraft rivals for Cadbury is dwindling, a source told The Post that the consumer-products giant added Credit Suisse as a co-lead underwriter involved in financing a Cadbury bid.

Because Credit Suisse is Nestle’s house banker, the hire suggests Nestle will not take a run at Cadbury, the source said. Other banks involved in the financing include Citigroup, Deutsche Bank and HSBC.

Kraft in August revealed it had launched a hostile bid for Cadbury, which the candy maker rejected as too low. Since then, the company’s stock has risen, putting pressure on Rosenfeld to either sweeten her offer or walk away.

Cadbury got another boost yesterday after it reported strong earnings.

The company, which sells Swedish Fish and Trident gum, has about 9 percent of the US candy market and 33 percent of the US chewing gum market. [email protected]