Cadbury tries to stop Kraft
By Robert Barr |
January 13, 2010, Wednesday
|
Print Edition
Print Edition
CADBURY Plc yesterday stepped up its defense against a hostile takeover bid from Kraft Foods Inc by announcing that both its full-year revenue growth and profit margins will beat market expectations.
The British confectioner, fighting to remain independent, argued that the share portion of Kraft's 10.3 billion pound (US$16.5 billion) bid is unappealing because of the American company's "poor track record of delivery."
"Don't let Kraft steal your company with its derisory offer," Cadbury Chairman Roger Carr told shareholders.
Cadbury shares were fractionally lower at 780.5 pence on the London Stock Exchange. Kraft's offer currently values Cadbury at 763 pence per share.
Kraft, whose products include Oreo cookies, has until February 2 to line up a majority of Cadbury shareholders to accept the offer.
The British confectioner, fighting to remain independent, argued that the share portion of Kraft's 10.3 billion pound (US$16.5 billion) bid is unappealing because of the American company's "poor track record of delivery."
"Don't let Kraft steal your company with its derisory offer," Cadbury Chairman Roger Carr told shareholders.
Cadbury shares were fractionally lower at 780.5 pence on the London Stock Exchange. Kraft's offer currently values Cadbury at 763 pence per share.
Kraft, whose products include Oreo cookies, has until February 2 to line up a majority of Cadbury shareholders to accept the offer.
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