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Cadbury rejects Kraft's renewed takeover bid

Last Updated: Monday, November 9, 2009 | 4:43 PM ET

CBC News

British candy maker Cadbury PLC rejected a $16.4 billion US takeover bid from Kraft Foods on Monday.

The London-based company said the renewed bid wasn't enough.

Cadbury 3-month chartCadbury 3-month chart

Kraft's bid is in the form of both cash and shares. Since it first made the offer in September, its share price has gone down while Cadbury's has gone up, lowering the value of the bid by more than $330 million.

Northfield, Illinois-based Kraft, the second largest food company in the world, said the bid is still more than Cadbury's shares were trading at before the offer.

Kraft 3-month chartKraft 3-month chart

Cadbury is a 195-year-old company and maker of globally known brands such as Dairy Milk chocolate bars, Halls lozenges and Trident and Dentyne gum.

A successful takeover would create a company that generates at least $50 billion in total annual revenue.

Cadbury shares ended the day up 21 cents to $50.71 on the New York Stock Exchange, while Kraft lost 25 cents, or one per cent, to close at $26.53.

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