UK confectionary manufacturer Cadbury is to be taken over by American giant Kraft, it has been announced.
Cadbury’s board of directors today advised the company to accept the revised offer after Kraft increased its original bid by £1 billion, raising the value of the business from £10.5 billion to £11.5 billion.
The announcement comes just days after Cadbury chairman Roger Carr pleaded with investors not to let "Kraft steal your company with its derisory offer".
But following the improved offer, Mr Carr has since stated: "We believe the offer represents good value for Cadbury shareholders and are pleased with the commitment that Kraft Foods has made to our heritage, values and people throughout the world."
Shareholders are expected to agree to the takeover and have until February 2nd to give the deal their backing.
However, trade unions have expressed concerns over the future of jobs based at the UK manufacturing site, which have not been secured unconditionally.
Jennie Formby from the Unite union told the BBC she is concerned that the high levels of debt accumulated by Kraft could result in job loss as means to cut-back on expenditure.
Another union member described it as a "sad day" for Cadbury, according to the news provider.
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