Word: britishisms
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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...
...Your article about the European constitution and the anticipated resistance of the Conservative Party does not explain why this opposition exists. Quite simply, it exists because a substantial proportion of the British people do not want to be in the E.U. They see the increasing disempowerment of both the British individual and the British state. Moreover, the British taxpayer has to pay a substantial amount of money to the E.U. each year, to an organization that cannot, will not or dares not tell us how it is all spent. C.S. Lewis, Derby, England
...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...