Kraft shares fall on Cadbury bid; higher offer awaited

Kraft Foods Inc. shares fell 5% early Tuesday after U.K. chocolate maker Cadbury rejected Kraft's acquisition bid, a move expected to force Kraft to raise its offer price as other buyers could emerge.

Based on Tuesday's trading prices, the deal is valued at $16.2 billion.

Kraft /quotes/comstock/13*!kft/quotes/nls/kft (KFT 26.68, -1.42, -5.05%) fell to $26.82 in the first day of trading since the deal was announced Monday, when U.S. stock markets were closed for Labor Day.

Cadbury's U.S.-listed shares surged 39% to $52.18.

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- Posted: 2009-09-08 10:38:05

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