In response to the Kraft Foods Inc.'s (KFT) formal offer, Cadbury Plc (CBY, CBRY.L), in its statement, on Monday recommended its shareholders to reject the Offer, and said, "the Offer is worse than the proposal that the Board has previously rejected as fundamentally undervaluing Cadbury and its prospects."
Roger Carr, Chairman of Cadbury, said: "The repetition of a proposal which is now of less value and lower than the current Cadbury share price does not make it any more attractive. As a result, the Board has emphatically rejected this derisory offer and has strengthened its resolve to ensure the true value of Cadbury is fully understood by all."
For comments and feedback: editorial@rttnews.com