On September 14, 2009
Cadbury Chairman Insults Kraft in Open Letter
It wasn’t enough for Cadbury to simply reject Kraft’s surprise $16.7 billion takeover offer. Cadbury chairman Roger Carr had to spell out just how “unappealing” and “unattractive” he finds the prospect of a merger with “a low growth conglomerate” like Kraft. In an open letter to Kraft CEO Irene Rosenfeld, Carr described Kraft as “a company with a considerably less focused business mix and historically lower growth [than Cadbury]” and he reiterated that Cadbury is doing perfectly well on its own, thank you very much. But the letter also included a detailed breakdown of exactly why Cadbury is worth more than Kraft offered, and many are reading Cadbury’s talk of independence as part of a clever bluff to provoke a…
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