Kraft finally makes hostile bid for Cadbury
The US food giant, Kraft, has finally put up an offer for the British confectioner, Cadbury. It set the offer at $16.3 billion, an amount that was immediately rejected by Cadbury’s board, setting the scene for another ‘Barbarians at the Gate’ type of fight. Great for media, bruising for the companies involved. Kraft was hoping to create an international food giant, with expected annual cost savings of $625 million. Interestingly, the offer came just before the 5pm deadline set by the British Takeover Panel, showcasing just how much Kraft executives were careful to interrogate all aspects of the purchase. Read more: Deal Blog at The New York Times
Become an Insider