kraft makes hostile bid for cadbury (link)
11.9.09 - cnn money - by david goldman
back in september, i mentioned that kraft foods, america's largest & the world's second largest food & beverage company, was looking to buy cadbury, a british company that's the world's largest candy manufacturer. they offered cadbury $16.7 billion for their company, a figure that was significantly less than the $23 billion that mars payed for wrigley gum last year. cadbury was all "i do say, sir. your offer is quite insulting. QUITE. we advise you to kindly stick it where the sun does not shine." after that, a lot of people thought the deal might be dead.
yesterday, the deadline for cadbury to accept kraft's offer officially passed & kraft was all "screw you, we're going to take your company from you then." HOSTILE TAKEOVER BITCHEZ! as cnn money reports, kraft lowered their offer to $16.3 billion & brought it straight to the shareholders. sorry, management. roger carr, cadbury's chairman believes that "kraft's offer does not come remotely close to reflecting the true value of (his) company, and involves the unattractive prospect of the absorption of cadbury into a low growth conglomerate business model." oh snap, kraft! that brit called you a low-growth conglomerate!
kraft ceo irene rosenfeld has a different opinion on the matter. "we believe that our proposal offers the best immediate and long-term value for cadbury's shareholders and for the company itself compared with any other option currently available, including cadbury remaining independent." wow. you hear that, cadbury? are you going to sit there & let an american mock the feasibility of your independence like that all while lowering her offer? it's downright preposterous! i guess it's not all bad for you, since news of the hostile takeover made your stock rise while kraft's fell. too bad the stock market's a rollercoaster ride & your stock will probably be up & down more times than a manic depressive elevator operator by the week's end. but seriously, good luck with the hostile takeover.