“Obama, Obama, You Are Either With Them Or With Us.”

November 9, 2009 - 12:58 am

News Feed: Maryland

By Robert Farrow, Baltimore Reporter

Guess who he is picking?

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Cadbury on Monday rejected a hostile cash and shares bid from Kraft that valued the UK confectionery group at ￡9.8 billion ($16.5 billion) or 717p a share, after the U.S. foods group formalized the terms of an indicative offer it made two months ago.
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Shares in Cadbury, which had been trading higher in morning trading in London, fell 15p or 2 per cent to 743p after Kraft announced its bid.
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Describing the offer as "derisory", Cadbury noted that the cash price per share and exchange ratio were unchanged from Kraft's indicative offer, but the fall in Kraft's share price since then meant that the implied value for each Cadbury share was around 4 percent lower.
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