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Will PepsiCo, Kraft Heinz Bid for Mondelez With Ackman Backing?

NEW YORK (The Deal) -- As Bill Ackman and his hedge fund Pershing Square Capital Management LP revealed a 7.5% stake in Mondelez International Inc. (MDLZ - Get Report) late Wednesday, saying he plans to talk to management about strategic plans that could include a sale, investors should eye the end of the year as the time when the investor may have to swing into action if the snack foods maker resists.

The deadline for nominating directors to Mondelez's board is coming up toward the end of the year. According to Mondelez's 2015 proxy card, shareholders seeking to nominate dissident director nominees for the company's 2016 annual meeting are required to submit their candidates between Dec. 22 and Jan. 21.

One thing going for Ackman's potential campaign for a sale of the maker of Ritz crackers, Trident gum and Oreo cookies is that there has been a wave of mergers in the food sector.

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