Cadbury not sweetened by revised business sale proposal

The saga continues in what must be one of the most gripping cases of a business for sale for some time. Now, after US food giant Kraft tempted Cadbury shareholders with more cash than that promised by its initial £10.2 billion bid, the British confectioner has written off the revised offer as "derisory".

In an attempt to sweeten its offer for Cadbury, Kraft - maker of Toblerone and Terry's Chocolate Orange - unveiled plans to sell its frozen pizza businesses in the US and Canada to KitKat maker Nestle for £2.3 billion. The latter has denied reports it's considering its own bid for the manufacturer of the Wispa and Dairy Milk bars, among others.

"Kraft has once again missed the point," Cadbury bosses said of the move. "Despite this tinkering, the Kraft offer remains unchanged and derisory with less than half the consideration in cash."

The US firm is expected to provide further details of its alternative takeover proposal by 19 January - the last day under takeover rules that it is allowed to amend its bid. The deadline for Cadbury shareholders to accept the offer has also been extended to 2 February.

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