Kraft went with hostile approach to Cadbury
Boss of Kraft Foods Inc Rozenfeld Irene refused to correct the bid from rival Cadbury 16.2 billion dollars and bring the proposal directly to shareholders, the start of a hostile acquisition process that can last up to 3 months.
Kraft North American giant reiterated its offer in cash and shares last week - an offer which is not at all like a Cadbury two months ago, last night as it formalized to meet the deadline set by British regulators - to make an offer or withdraw.
Cadbury have been quick to offer graded as "ridiculous" in the words of the chairman of the board Roger Carr. The main shareholders of the company also commented to the leading agencies that will consider this offer if it has been greatly improved - at least to 800 pence (this proposal to the Americans for 709 pence per share)
"We must vidgnat proposal that level if you want to succeed, but do not seem to intend to do so" - said one of the world's top 10 shareholders told Reuters - "If the negotiating table to put 8 pounds and up will be difficult for the shareholders of Cadbury to reject such a proposal lightly "
A source close to the U.S. company said that it would hardly be the final offer from Kraft.
"It just started a new countdown clock" - the source said, adding that Kraft does not have attempted to negotiate with Cadbury in recent weeks.
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