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Article: Cadbury rejects Kraft bid
- Article from:
- AP Worldstream
- Article date:
- November 9, 2009
- Author:
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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British candy maker Cadbury PLC rejected a renewed 9.8 billion pound ($16.4 billion) hostile bid from Kraft Foods Inc. on Monday after the U.S. company refused to sweeten a previous offer.
Kraft's decision to keep the terms of its previously rebuffed cash-and-stock approach effectively means a lower offer for investors in London-based Cadbury because of a shift in the share prices of both companies.
The prospect of a tie-up has caused some consternation in Britain, where the 195-year-old Cadbury is a much-loved brand _ its Dairy Milk is the country's top-selling chocolate bar.
Kraft, the maker of Oreo cookies, Nabisco crackers and its namesake cheese, argued that the ...