Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Nabisco Offer Low

LONDON/PARIS -- Cadbury Schweppes PLC and Groupe Danone have "low-balled" U.S. food group Nabisco Holdings Corp with a lower-than-expected bid of well below $50 per share, sources said Thursday.

Although their bid is widely believed to be below that of hotly tipped frontrunner Philip Morris, Cadbury and Danone are working behind the scenes to undermine this bid, which some reports have said was pitched at $55 a share.

Industry sources said Cadbury and Danone did not believe Philip Morris would have been able to offer as much as $55 given that its takeover would offer limited cost savings and the group faced legal uncertainties relating to tobacco litigation.