Kraft Stays Cool after Cadbury Rejection

Kraft Foods has rejected any notion of an increase in its bid for Cadbury, saying that its takeover would be better for Cadbury shareholders eager for the company to deliver.

Kraft has offered 729 pence a share for the confectionary giant, but it is believed Cadbury won’t budge for at least 820 pence.

Cadbury formally rejected Kraft’s offer yesterday, as rumours circulated about other companies interested in joining with Cadbury to create a world confectionary giant.

Speaking to Reuters, Kraft Foods chairman and CEO Irene Rosenfeld said Kraft will maintain a disciplined approach to the acquisition of Cadbury, which suffered a drop in share price of .88 pence to 788 pence after its rejection of Kraft’s offer yesterday.