North suburban-based Kraft Foods, Inc. faces another obstacle in its hostile bid to takeover British chocolate maker Cadbury.
Cadbury today released a financial report aimed at demeaning a $16.5 billion bid from Kraft. The report says Cadbury saw better-than-expected revenue growth for last year, and the company expects that progress to continue. In the report, Cadbury chairman Roger Carr says “Kraft’s offer is even more unattractive today than it was when Kraft made its formal offer in December.”
Kraft previously tried to sweeten the deal. The company increased the cash portion of the bid by selling its frozen pizza division to Nestle last week. Cadbury shareholders have until next month to make a decision.