Kraft Makes $16.3 Billion Hostile Bid for Cadbury - DealBook Blog - NYTimes.com:
"Kraft on Monday formally made a £9.8 billion ($16.3 billion) hostile bid for Cadbury, making official its effort to create an international food giant. Cadbury quickly rejected the new proposal, setting up a potentially bruising fight for control of the British confectioner.
Kraft’s bid came just before a 5 p.m. deadline in London imposed by Britain’s Takeover Panel, which had given the American food company until Monday to make a formal offer. If Kraft did not do so, it would have been barred from making another bid for Cadbury for six months.
Now Kraft will take its proposal, comprised of 300 pence a share in cash and .2589 of a newly issued Kraft share for each Cadbury share, directly to the British company’s shareholders"