Word: britishism
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Dates: during 2000-2009
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Those with a sweet tooth have long found it hard to resist a second bite of Cadbury chocolate. Kraft, it seems, is no different. The world's second biggest foodmaker unleashed a hostile bid for the British confectioner on Monday, offering $16.3 billion in cash and shares under the same terms as a friendly approach that was rejected by Cadbury in September. Absent any sweetener, Cadbury's board "emphatically rejected this derisory offer," chairman Roger Carr fired back in a statement. The bid, he said, "does not come remotely close to reflecting the true value of our company." (See nine...
...Kraft bother? Announced hours before a late Monday deadline for a formal offer from the company under U.K. takeover rules, the proposal buys Kraft valuable time to figure out its next move. Under the British code, the Illinois-based firm now has 28 days to distribute the details of its proposals to Cadbury's investors; those shareholders could then expect a written response from Cadbury within two weeks. Once that's in the mail, Kraft will have just over a month to make any final offer. (See how to plan for retirement...
That the companies are set for a drawn-out saga - a likely revised bid could come as late as the end of January - is clear. What value Kraft may be prepared to place on Cadbury is less so. The British firm's shareholders are thought to want at least $13.4 a share; many analysts think they should hold out for more. But in the absence of a rival bidder, Kraft's proposal - which still offers a premium of 26% over Cadbury's share price prior to the company's initial approach in September - may start to look more appetizing. After...
Expect Kraft to put up a stiff fight for Cadbury. The British firm's muscle in the U.K., Latin America and major emerging markets like India could bring a powerful lift to a business that has looked sluggish in recent quarters. Not for the first time, Cadbury offers a welcome rush of sugar...
...Anglo-Swiss, born to a Swiss woman and her British husband (me), and holds passports to both countries. In other words, he is 50% Swiss, and that makes him all Swiss. A not-dissimilar legal privilege is extended to Swiss watches, which can only claim the celebrated tag "Made in Switzerland" if at least 50% of their production costs are incurred in the country. (See pictures from EURO 2008, which took place in Switzerland and Austria...