UK confectionary manufacturer Cadbury has once again rejected a take-over bid from American food chain Kraft.
After Kraft’s initial cash-and-share offer was rejected, the US group went "hostile" by approaching Cadbury shareholders directly to gain support for the takeover.
But the 186-year-old British company has warned investors not to accept Kraft’s offer, of over £10 billion, after reporting a good financial turnover for 2009.
In a second defence document against the bid, Cadbury chairman Roger Carr pleaded with investors: "Don’t let Kraft steal your company with its derisory offer."
The food manufacturer, which has become a household name in the UK, said the company’s value had increased since Kraft first made an offer in September last year, making their proposal "even more unattractive".
Chief executive Todd Stitzer told the BBC: "Our performance in 2009 was outstanding. We generated good revenue growth despite the weakest economic conditions in 80 years."
Earlier this week industry expert professor Chris Bones, an ex-Cadbury senior employee, warned MPs a merger would be a "disaster".
According to a report in the Guardian, he said the cultural differences between the two cross-Atlantic companies would make a partnership "unsuccessful" for both parties.
Hoppers – mobile loading hoppers – flexible bulk containers