LONDON - Cadbury has blasted Kraft's unsolicited £10bn takeover bid in a letter to its chairman and chief executive Irene Rosenfeld.
Roger Carr, the chocolate company's chairman dismissed its US food rival's plan to absorb Cadbury into its ‘low growth conglomerate business' as ‘unappealing' and ‘unattractive'.
The letter was sent over the weekend and has been issued to the London Stock Exchange today.
Carr's letter has, however, left the door open for Kraft to return with a higher bid.
Meanwhile, rival bidders are said to be considering their options, including private equity company KKR, Hershey's and Nestlé.
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