Cadbury this morning accused Kraft of trying to buy it “on the cheap” as it set out a robust defence against the US suitor’s £10 billion hostile bid.
The Dairy Milk maker upped long-term performance targets and said profit margins for the current year were expected to be higher than original guidance, as it sought to underline its prospects as an independent company.
Cadbury chairman Roger Carr warned shareholders not to let Kraft “steal your company with its derisory offer”.
The group’s defence comes amid reports that Cadbury is in talks with US rival Hershey over a possible “white knight” offer.
More to follow....
