British chocolate maker Cadbury plc has dropped its opposition to acquisition by the U.S. conglomerate Kraft Foods Inc. in exchange for a sweetened deal worth $19.4 billion. The acceptance of the deal by Cadbury's board ends four months of sparring. Cadbury rejected as "derisory" Kraft's original Dec. 4 hostile takeover bid of $16.7 billion, and its executives were bluntly critical of Kraft management. In addition to increasing the overall value of its bid, Kraft, prodded by Warren Buffett and other investors, reconfigured its offer to increase the cash portion, which is now about 60 percent. Still, Mr. Buffet, whose Berkshire Hathaway owns 9.4 percent of Kraft, said the transaction was "a bad deal."
January 21, 2010 at 12:00 AM
1 minute read
British chocolate maker Cadbury plc has dropped its opposition to acquisition by the U.S. conglomerate Kraft Foods Inc. in exchange for a sweetened deal worth $19.4 billion.
The acceptance of the deal by Cadbury’s board ends four months of sparring. Cadbury rejected as “derisory” Kraft’s original Dec. 4 hostile takeover bid of $16.7 billion, and its executives were bluntly critical of Kraft management.
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