WSJ: Cadbury PLC emphatically rejected a £9.8 billion ($16.28 billion) hostile bid from Kraft Foods Inc., setting up what could be a lengthy tussle for control of the British confectioner….
By making its offer official, Kraft effectively appeals directly to Cadbury shareholders to accept a merger proposal that Cadbury’s executives and directors have steadfastly rejected. Kraft, facing lackluster sales and upward pressure on its raw-material costs, wants to absorb Cadbury to boost its exposure to developing markets and growth prospects.
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