Word: krafts
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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...
...latest turn in Kraft's effort to forge the world's biggest confectionary business, the low-ball offer - worth $12 per Cadbury share, or 4% less than its earlier proposal thanks to an interim fall in Kraft's shares - was never likely to be welcomed. As a multiple of Cadbury's profit before deductions for tax and other charges, the deal is worth roughly a third less than the average for takeovers in the global food business since 2000, according to investment-research firm Sanford C. Bernstein. Granted, the world is in an economic slump and there's no rival...
...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...
Harvard (6-2, 5-0 Ivy) went down to New York on Saturday and scored on its first two possessions on its way to a 34-14 thrashing of Columbia (2-6, 1-4) at Robert K. Kraft Field...