New $19B Kraft Offer Wins Cadbury Support For Merger

Law360, New York (January 19, 2010, 5:15 PM EST) -- After months of rebuffing Kraft Foods Inc.'s efforts to take over Cadbury PLC, the board of directors for the U.K. confectioner has unanimously endorsed a new $19 billion offer from the U.S.-based food giant.

Kraft has offered Cadbury stockholders 500 pence ($8.19) in cash and 0.1874 shares of new Kraft stock per share, putting the new offer roughly $2.3 billion higher that its previous proposals, valued at $16.7 billion.

Cadbury's board had repeatedly criticized the original offer — $4.90 per share and 0.2589 shares of new...
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