LONDON - Kraft Foods has formally offered Cadbury shareholders a mixture of cash and shares that is essentially unchanged from its initial offer in September that Cadbury rejected as undervaluing the company.
Kraft Foods is offering 300 pence and a 0.2589 share in Kraft for every share in Cadbury.
Kraft Foods chairman and CEO Irene Rosenfeld said of the offer. "We remain convinced of the strategic merits for both companies of combining Kraft Foods and Cadbury. We believe that our proposal offers the best immediate and long-term value for Cadbury's shareholders and for the company itself compared with any other option currently available, including Cadbury remaining independent."
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