Cadbury, the 186-year-old British confectionery group which yesterday accepted an improved £11.7bn ($19bn) takeover bid from Kraft, justified its decision to sell out to the US food group as the price of globalisation.
“The reality is we are part of a global business,” Cadbury chairman Roger Carr told the FT yesterday after recommending shareholders accept the higher Kraft offer valuing Cadbury at 850p per share. “Although Cadbury's roots are deeply buried in Britain, the development of the company has been all over the world.”
Irene Rosenfeld, Kraft's chief executive, said she felt “great” after securing the Cadbury board's recommendation after a fierce, five-month takeover battle, and hoped to meet Cadbury employees next week.
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