Kraft on Monday left open the door to increasing its hostile £9.8bn offer for Cadbury after the UK confectionery group rejected its formal bid, launched Monday, describing the US food group’s offer as “derisory” after it did not alter the terms of its initial approach in September. Roger Carr, Cadbury’s chairman, said the formal offer was “worse than the proposal the board has previously rejected”. A fall in Kraft’s share price since early September has reduced the bid value to 717p from 745p. Cadbury’s shares rose slightly to 761p in London, while Kraft’s shares fell 31 cents in New York to $26.47.

This entry was posted by Gwen Robinson on Tuesday, November 10th, 2009 at 4:45 and is filed under Capital markets, M&A. Tagged with Cadbury, kraft. Edit this entry.