Kraft Foods Inc. said Tuesday it will revise its hostile takeover offer for British chocolate and gum maker Cadbury PLC, offering a greater proportion in cash funded by the sale of its North American pizza business to Nestle.
Nestle, which paid $3.7 billion for Kraft's pizza operations, including the Tombstone and Jack's brands in the US ruled itself out of a potential bidding war for Cadbury.
Kraft extended the deadline for Cadbury shareholders to accept its offer to 1300 GMT on Feb. 2, and said it would update the market later Tuesday on the level of acceptances so far.
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