Kraft Makes Formal Offer For Cadbury

US-based food giant Kraft has formalised its offer for UK-based confectionery producer Cadbury with the same terms as originally proposed to Cadbury's board two months ago. The move, which turns the takeover attempt hostile, means that Cadbury's shareholders have three months to decide whether to accept the bid. However, a drop in Kraft's share price since the initial bid means that the latest offer is worth substantially less than that originally proposed and Cadbury has described the bid as

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