Cadbury rejects Kraft's offer as its performance strengthens

Tuesday, 12 January 2010
Cadbury has once again rejected Kraft's bid for the company after an impressive 2009 performance driven by strong growth in the fourth quarter and the savings generated by Cadbury's Vision into Action business plan.

Cadbury released its second response document following the offer posted by Kraft Foods on 4 December 2009. The confectionery company has unanimously rejected Kraft's wholly inadequate offer and continues to recommend that shareholders take no action in relation to the offer.

Commenting on the 2009 performance, Todd Stitzer, Cadbury's CEO said: "Our performance in 2009 was outstanding. We generated good revenue growth despite the weakest economic conditions in 80 years. At the same time, our Vision into Action plan drove a 160 basis point improvement in margin to 13.5%, on an actual currency basis, delivering over 70% of our original target in half the time.

"Looking forward to 2010, we are targeting revenue growth within our 5%-7% goal range, led by new product innovations across our categories and supported by incremental investment in marketing."
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