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LONDON -- The Hershey Co. ruled itself out of making a rival bid for Cadbury after the British confectioner agreed a takeover by Kraft Foods last week, according to Reuters.
"Further to its announcement Nov. 18, 2009, and the statement by the Panel Executive Jan. 19, 2010, the Hershey Co. announces that it does not intend to make an offer for Cadbury," Hershey said in a statement.
Last week, Kraft agreed a cash and shares deal which values Cadbury currently at 11.7 billion pounds ($19.1 billion) while potential bidders, Hershey and Italy's Ferrero, were given until today to either come up with a fully financed rival bid or withdraw.
According to sources close to the situation, Ferrero has withdrawn its interest in Cadbury, but has not made an official statement.
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