Cadbury launches last defence
Sunday 10 January 2010
Todd Stitzer, the chief executive of UK confectioner Cadbury, will launch a staunch final defence this week against predator Kraft Foods, the Toblerone maker.
With little hope of a so-called "white knight" investor riding in to protect Cadbury against Kraft's hostile £10.5bn bid, Mr Stitzer is expected to emphasise cost-cutting measures and strong recent sales in its 2009 trading figures.
The board hopes this will convince investors that Kraft has undervalued Cadbury so that they reject the offer and maintain nearly two centuries of independence.
Kraft's bid is worth about 767p a share, 11p below Cadbury's current share price. Most observers think that Kraft will have to up its offer to at least 800p and increase the cash element of the bid. Much of the offer involves giving Cadbury shareholders a stake in the combined group.
Under takeover rules, Kraft can improve its bid until 19 January. Shareholders must decide whether or not to accept it by 2 February.
- 1 Malaysia issues arrest warrant for Gordon Brown’s sister-in-law after she publishes stories on leader Najib Razak's financial affairs
- 2 Porn block in India: hundreds of sexual websites banned, internet outraged
- 3 Natalia Molchanova: World's most successful free-diver missing and feared dead after disappearing in Mediterranean
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 Gamers confess the worst things they've done in The Sims
Jackie Chan in second place in Forbes' Highest Paid Actors list after magazine includes actors working outside US movie industry
Malaysia issues arrest warrant for Gordon Brown’s sister-in-law after she publishes stories on leader Najib Razak's financial affairs
Natalia Molchanova: World's most successful free-diver missing and feared dead after disappearing in Mediterranean
Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
Dutch King Willem-Alexander declares the end of the welfare state
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
iJobs Money & Business
£35 - 38k + Benefits & Bonus: Guru Careers: We are seeking an Account Manager ...
£20000 - £25000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£60 - 100k: Guru Careers: Our client is looking for an Associate Director of S...
£35 - £50k DOE: Guru Careers: A Tax Manager / Accountant (ACA / CA / CTA) is n...