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Cadbury has formally spurned the $16.9 billion acquisition bid by Kraft Foods, calling it “derisory” and saying that any offer for the company should be much higher.

In a message to Cadbury shareholders, the company’s CEO, Roger Carr, said, “Kraft is trying to buy Cadbury on the cheap to provide much needed growth to their unattractive low-growth conglomerate business model. Don’t let Kraft steal your company with its derisory offer.”

Executives at the British chocolate manufacturer refused to say if they are considering competing bids from other companies, such as Hershey.

Kraft has a month to convince Cadbury shareholders to support its offer, and the company is expected to be aggressive in making that case.
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