This seems rather pathetic in light of the announcment today:
As you may have seen, this morning our Board recommended shareholders accept a significantly improved offer from Kraft of 840p a share plus a 10p special dividend.
This decision was not taken lightly, but in the end the Board has a clear legal duty to secure value for shareholders, many of whom indicated that this was a level of value that they would be prepared to accept.
The improved offer represents a premium of some 50% on our pre-bid share price (September ‘09) and 13% premium above Kraft’s last offer
Kraft’s offer deadline for shareholder acceptances remains 2 February. If it succeeds Cadbury plc will become part of Kraft Foods on that date.
I can’t pretend that I don’t feel an immense personal sadness that Cadbury will no longer be a standalone confectionery company. But I also know that through this process Kraft – and the market – has seen the value of our iconic brands, our unique culture and our outstanding people, which is where the power and value of Cadbury lies. This will not change. We fought a great fight, and whilst we didn’t win independence, we did prove once and for all that we are a world class business.
We’re now focused on ensuring any transition retains the unique qualities of Cadbury, including maintaining the momentum behind our Cadbury Cocoa Partnership and Fairtrade certification.
Through this difficult time we’ve been heartened by the support we have received from people all over the world, and would like to thank everyone for their efforts.
2 comments ↓
“I for one welcome our new overlords…” says Cadbury’s PR.
I dunno.
A couple of entrepreneurs in the UK invented Green & Blacks, and sold it to Cadbury which is to be sold to Kraft. If we’re sad about this let’s just stop buying Kraft stuff, stop buying Cadbury, stop buying Green & Blacks and wait for a new british brand. Or buy Divine, which is great, indy and indigenous.
While we’re at it let’s stop supporting any formerly great British football club now owned by foreign speculators. The support of local fans built these great clubs. Time to desert them, move on and create some new ones.
AFC Wimbledon supporters know that building a new club is much mor fun, much more exciting, than seeing your old one destroyed by people who care nothing for it. Not to mention far better value.
Less hand-wringing, more creativity, more discernment in how we spend our own money.
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