Kraft_Cadbury - Jane Wardell London — The Associated Press Published on Monday Nov 09 2009 8:28AM EST Last updated on Monday Nov 09 2009 9:48AM

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Unformatted text preview: Jane Wardell London — The Associated Press Published on Monday, Nov. 09, 2009 8:28AM EST Last updated on Monday, Nov. 09, 2009 9:48AM EST Kraft Foods Inc. ( KFT-N 26.45-0.33-1.23%) launched a £9.8-billion pound ($16.4-billion U.S.) hostile bid for Cadbury PLC on Monday – refusing to sweeten a previous offer rejected by the British candy maker. The terms of the cash-and-stock approach were left unchanged, effectively representing a lower offer for Cadbury investors because of a shift in share prices of both companies. Cadbury immediately said no to the renewed approach, with chairman Roger Carr saying it “does not come remotely close to reflecting the true value of our company.” Kraft, the maker of Oreo cookies, Nabisco crackers and its namesake cheese, has taken the offer straight to shareholders. It argued that the proposed deal, now valuing each Cadbury share at 717 pence, compared to the earlier 745 pence, “represents a substantial premium to the unaffected share price,”...
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This note was uploaded on 10/19/2011 for the course ECON 101/102 taught by Professor Gateman&neary during the Spring '09 term at The University of British Columbia.

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