British chocolate maker Cadbury PLC is accusing Kraft Foods of trying to buy Cadbury “on the cheap.”
Cadbury Chair Roger Carr warns shareholders not to let Kraft “steal your company with its derisory offer.” Northfield, Illinois-based Kraft Foods earlier this month took its offer straight to shareholders after the Cadbury board rejected an almost identical bid. Cadbury this morning posted its formal Defense document. It says the company is increasing its long term performance targets. It also says the candy maker’s profit margins for this year are expected to be higher than initially predicted.
Kraft is offering $16.3 billion for Cadbury. There is speculation U.S. based Hershey company might emerge with a rival offer.