Roger Carr, Chairman of Cadbury: "the bid from Kraft is hostile"
Cadbury has reiterated that its shareholders should reject Kraft's takeover bid as it said it enjoyed an "outstanding" performance in 2009.
The UK confectioner said its financial performance last year was well ahead of market expectations.
"Don't let Kraft steal your company with its derisory offer," said Cadbury chairman Roger Carr, adding that Kraft was likely to cut jobs in the UK.
Kraft launched its hostile takeover bid for Cadbury in December.
The original bid was £3 plus 0.26 new Kraft shares for each Cadbury share. Last week Kraft said it would increase the cash element of the bid after it raised money by selling its North American pizza business.
KRAFT BID TIMELINE
7 Sep: Kraft tables offer for Cadbury, valuing the company at about £10bn. The bid is immediately rejected by the Cadbury board
9 Nov: Kraft goes hostile with its takeover bid, and Cadbury again rejects the offer
4 Dec: Kraft details offer aimed at Cadbury shareholders, setting 5 January deadline
14 Dec: Cadbury publishes its defence document, urging its shareholders to reject the Kraft offer
31 Dec: Deadline for shareholders to accept the Kraft bid is extended to 2 February
5 Jan: Kraft announces revised offer with higher cash proportion
6 Jan: Kraft reveals that its initial offer for Cadbury has gained support from investors holding just 1.5% of Cadbury shares
12 Jan: Cadbury repeats its opposition to the Kraft bid
15 Jan: Deadline for Cadbury to issue trading update
19 Jan: Deadline for Kraft to publish details of revised offer
2 Feb: Deadline for Cadbury shareholders to accept Kraft bid
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