Cadbury Publishes Defence Document

UK confectionery producer Cadbury has published its defence document against the hostile takeover bid from US food giant Kraft. Cadbury's case for independence includes the suggestion that as a 'pure play confectionery business with iconic brands' the company is 'unique' and that 'Kraft's offer completely misses the value… already created in Cadbury'. The document also highlights the expected growth in revenues and profits from the firms ongoing 'Vision Into Action restructuring programme. The case rests on convincing shareholders that Kraft's valuation does not fully reflect the long-term potential of the business. Cadbury has also raised its revenue and margin

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