LONDON (AP) — Cadbury PLC has rejected a new $16.4 billion cash-and-stock offer from Kraft Foods Inc.
Monday's hostile offer is lower than Kraft's previous rebuffed offer.
Northfield, Ill.-based Kraft says the price "represents a substantial premium to the unaffected share price of Cadbury." The company is referring to a surge in the British company's stock since Kraft's previous bid was made public in September.
Analysts had said that Kraft needed to sweeten that offer to have any chance of success.
The prospect of a tie-up has caused some consternation in Britain, where the 195-year-old Cadbury is a much-loved brand. Its Dairy Milk is the country's top-selling chocolate bar.
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