Kraft's Takeover of Cadbury
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Case Details:
Case Code : BSTR388
Case Length : 24 Pages
Period : 2008-2010
Pub Date : 2011
Teaching Note :Not Available
Organization : Cadbury Plc, Kraft Foods Inc
Industry : Consumer Packaged Goods
Countries : UK, US, Global
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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American food major takes over British icon
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In February 2010, Illinois, USA-based Kraft Foods Inc. (Kraft) acquired London, UK-based Cadbury Plc (Cadbury) in what was considered to be one of the biggest cross-border acquisitions of the year. With the acquisition, Kraft aimed to become a market leader in the global confectionery market and gain access to emerging markets.., The Cadbury-Kraft combination boasted of a joint portfolio of more than 40 confectionery brands, each with expected annual sales of more than US$100 million. Cadbury accepted Kraft's £6 11.9 billion (US$19.7 billion) takeover offer after a takeover battle that lasted more than 100 days. Under the terms of the proposal, Kraft paid 840 pence ($13.70) for each Cadbury share -- 500 pence7 in cash and the rest in stock.
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Shareholders of Cadbury also got a 10 pence special dividend, bringing the total to 850 pence . Talking about the offer, Cadbury Chairman Roger Carr8 (Carr) said, "We believe the offer represents good value for Cadbury shareholders and are pleased with the commitment that Kraft Foods has made to our heritage, values, and people throughout the world."9
American food major takes over British icon cont...
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