Kraft posts hostile Cadbury offer to shareholders

Kraft Foods Inc. took its 9.8 billion pound ($16.3 billion) hostile takeover offer for Cadbury PLC straight to shareholders of the British company on Friday.

The posting of the formal offer to investors starts the clock on a series of regulatory deadlines for responses from the Cadbury board and votes from shareholders and may flush out rival bids.

The terms of the offer posted to investors were broadly unchanged from last month's indicative bid, which offered 300 pence in cash and 0.2589 new Kraft shares for each Cadbury share.

Cadbury, the maker of Dairy Milk chocolate and Trident and Dentyne gum, has already dismissed that price as "derisory" and now has two weeks to respond to the formal offer in a defence document.

Read Full Article from Los Angeles Times

- Posted: 2009-12-04 09:43:25

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