Ms Rosenfeld insisted that Kraft’s £10.2bn ($16.9bn) potential offer represented “compelling value to Cadbury’s shareholders”. The terms, she said, represented “a significant premium for Cadbury’s shareholders, and well above what they themselves are expected to deliver”. They would also have “the opportunity to participate in the future upside of the combined company” because of the stock element in the cash-and-shares proposal.
“The time is right to pursue this powerful combination in snacks, confection and quick meals,” she said, describing the proposed combination as a “formidable global powerhouse” that created a “tremendous innovation opportunity”.
Ms Rosenfeld said: “We believe scale will be an increasing source of competitive ad both in confectionary and in the food industry at large.”
Financial Times
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