Kraft Stands Behind $16B Bid For Cadbury

By Jacqueline Bell

Law360, New York (September 08, 2009, 2:22 PM ET) -- Kraft Foods Inc. went on the offensive Tuesday, vowing not to give up on its goal of acquiring the U.K. candy company Cadbury PLC, in spite of the Cadbury board's speedy rejection of Kraft's more than $16 billion bid.

In a conference call early Tuesday morning, Kraft's chairman and CEO Irene Rosenfeld indicated that Kraft was undeterred by Cadbury's quick rejection, saying that Cadbury was a “compelling strategic opportunity” and noting that Kraft would still like to negotiate a combination on a friendly basis.

Rosenfeld also...
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