Cadbury boss blasts Kraft's sour proposal

CADBURY ramped up its defence at the weekend against a takeover from Kraft after its chairman Roger Carr blasted the bid as &ldquo;unattractive.&rdquo;<br /><br />In an open letter to Kraft&rsquo;s chief executive Irene Rosenfeld, Carr reaffirmed the Dairy Milk maker&rsquo;s rejection of the &pound;10.2bn bid, which he believed &ldquo;fundamentally undervalues Cadbury.&rdquo;<br /><br />And in a further slight, Carr labelled Kraft, the maker of Oreo biscuits and Philadelphia cheese, as a &ldquo;company with a considerably less focused business mix and historically lower growth.&rdquo; <br /><br />Highlighting the point, Carr warned that a deal would be of &ldquo;uncertain value for Cadbury shareholders&rdquo; and may stifle &ldquo;its prospects as an independent entity&rdquo;.<br /><br />The terse letter signals what could be a souring relationship between the two confectionary groups, despite Kraft saying that it would continue to be &ldquo;disciplined&rdquo; and adopt a friendly approach to working on a deal.<br /><br />Broker Sanford Bernstein said Carr&rsquo;s strong tone was &ldquo;probably a result of the decision by Kraft to not engage in a longer, more constructive dialogue with Cadbury before going public with the proposed offer, and so blind-siding Cadbury management.&rdquo;