Cadbury, Britain's best-known chocolate and sweets brand, vowed to mount a staunch defence against an unsolicited ￡10bn takeover offer from US food group Kraft, even as the global confectionery industry rapidly consolidates.
Cadbury yesterday rejected a cash and stock offer from Kraft, which approached the company nearly two weeks ago, valuing it at 745p per share – a 31 per cent premium to its closing share price on Friday.
It claimed the offer “fundamentally undervalued” the confectionery group, which has sold cocoa and chocolate since its foundation by John Cadbury in Birmingham in the early 1830s, due to the strength of its brand name around the world.
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