Kraft Gets Tough On Cadbury -- No Sweetness in Hostile Buyout Bid

Summary

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NEW YORK - Kraft Foods has gone hostile in its bid to buy Cadbury but didn't sweeten its first bid, drawing an immediate rejection from the British candy maker in what is likely to be a lengthy takeover struggle.

Taking the same offer directly to Cadbury shareholders likely means that Kraft is betting no competing bids will emerge for the maker of Dairy Milk and Creme Eggs. The early gambit also leaves the company room to take the bid higher.

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Extract

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Kraft Gets Tough On Cadbury -- No Sweetness in Hostile Buyout Bid

Kraft made the offer, worth about $16.4 billion, just hours before a Monday deadline imposed by Britain's takeover law that required the company to ma...

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