Cadbury Investor Sues Over Kraft Takeover Rejection

Law360, New York (October 1, 2009, 3:34 PM EDT) -- An investor in Cadbury PLC has filed a derivative suit accusing the confectioner’s board of directors of selfishly betraying the company by refusing Kraft Food Inc.’s repeated offers of a $16 billion buyout.

Steward International Enhanced Index Fund sued Cadbury’s board of directors Wednesday in the U.S. District Court for the District of New Jersey, alleging the defendants are more concerned with holding on to their corporate compensation than improving the shareholders’ prospects.

While the British company’s board members have long received compensation inconsistent with the...
To view the full article, register now.