Cadbury chairman Carr says Kraft bid unappetizing

Cadbury turned up the heat in its defence against a takeover from Kraft as its Chairman Roger Carr said it was an ‘unappealing prospect’ being absorbed into Kraft’s low growth conglomerate business model

British confectionary group Cadbury on Monday rejected a takeover bid from US giant Kraft Foods, describing the offer as insufficient.Cadbury management said it was offering shareholders maximum value by keeping the company independent, notably as it was raising its long-term financial targets."Kraft is trying to buy Cadbury on the cheap to provide much needed growth to their unattractive low-growth conglomerate business model," said Cadbury chairman Roger Carr in a circular to shareholders."Don?t let Kraft steal your company with its derisory offer."

The new merger wave may bring more hostile takeovers than ever

LONDON (Reuters) - Britain's Takeover Panel granted confectionery maker Cadbury three extra days to publish 2009 results that could become a key plank in its defense against Kraft Food's hostile $10 billion bid.

Reuters - Cadbury Plc would prefer a merger with U.S. chocolate maker Hershey Co rather than Kraft Foods Inc , the British company's chairman Roger Carr told the Sunday Telegraph newspaper.

Reuters - Kraft said it had a 1.52 percent take-up from Cadbury shareholder for its hostile bid, but most shareholders are expected to wait to see if Kraft raises its bid before making their decisions.

LONDON (Reuters) - Kraft and Cadbury chief executives were meeting their investors in the same London building to seek support in a bid battle after Cadbury asked the UK Takeover Panel to give a ruling on Kraft's 9.9 billion pound ($16.17 billion) bid.