Cadbury has said Kraft's offer does not reflect the true value of the company
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Kraft Foods has posted its offer document for Cadbury, valuing the UK confectioner at £10.1bn ($16.8bn). Last month, the US food giant had its hostile bid rejected by the Cadbury board, who called the offer "derisory". Kraft's offer of 300p in cash and 0.2589 new Kraft shares for each Cadbury share is unchanged. Kraft said the offer valued Cadbury shares at 713p each, based on the closing share price of $26.50 per Kraft share on 1 December. Cadbury's shares are currently trading at 801p, reflecting expectations that a higher bid will be made. Shareholders have until 5 January 2010 to respond to the offer. Kraft said its offer was "in the best interest of both companies' shareholders".
Mandelson: "Respect our workforce, respect the heritage and legacy of this company."
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