Top management at Cadbury resign
Industry insiders said the resignations of chairman Roger Carr, CEO Todd Stitzer, and CFO Andrew Bonfield were not a surprise as they had continually rejected Kraft’s attempts to buy their company, calling the orginal bid ‘derisory’ and referring to the US food group as ‘a low-growth conglomerate’.
Kraft’s takeover of UK chocolate firm Cadbury is now unconditional, as 74 per cent of Cadbury shareholders on Tuesday accepted the offer of 840p per share plus a 10p dividend.
And the US company said that all the conditions standing in the way of its recommended final offer had been either satisfied or waived.
The final offer remains open and Kraft will give 14 days notice before closing it. Nonetheless, any Cadbury shareholder that wishes to accept but has not yet done so is encouraged to act without delay.