LONDON (Reuters) – Britain’s Cadbury Plc reported robust 2009 results and an upbeat 2010 outlook on Tuesday in its last bid to escape from Kraft Foods’ 10.5 billion pound ($17 billion) hostile bid.
In its final defense document, the British confectioner says Kraft’s offer remain derisory, with the price valuing Cadbury lower than any comparable deal in the sector and added that its standalone value had risen since the Kraft bid emerged.
Cadbury has been fighting off Kraft’s cash and share bid since early September which is currently worth 762 pence a share compared to a Cadbury closing price of 781p on Monday with investors saying a winning bid needs to be 800p or above. Cadbury’s vociferous Chairman Roger Carr has been quick to dismiss Kraft’s offer and has questioned the ability of Kraft’s CEO Irene Rosenfeld to raise her bid after Kraft’s top shareholder Warren Buffet warned Kraft last week not to overpay.
“Don’t let Kraft steal your company with its derisory offer,” Carr said in Cadbury’s final defense document.
(Reporting by David Jones)
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