Cadbury Rejects Kraft's 'Derisory' $16B Takeover Bid

By Christine Caulfield

Law360, New York (November 09, 2009, 12:25 PM ET) -- Kraft Foods Inc.'s buyout bid for Cadbury PLC turned ugly Monday when the U.S. food conglomerate made formal its previously rebuffed $16.3 billion takeover offer and the U.K. candymaker "emphatically rejected" it.

The unsolicited proposal, which was rejected by Cadbury's board of directors when first announced on Sept. 7, has now been put directly to the company's shareholders.

Kraft's offer – which values each Cadbury share at £7.17 ($12) – has not been raised from its original bid, as was expected, but the Northfield, Ill.-based company...
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