LONDON (AP) — Kraft Foods Inc. says the board of Cadbury PLC has accepted and recommended to shareholders an improved takeover offer worth $18.9 billion.
Kraft said in a statement Tuesday that Cadbury’s board had unanimously endorsed the offer worth 840 pence per share, somewhat less than some analysts believe the British chocolate company is worth.
The revised offer is for 500 pence cash and 0.1874 new Kraft shares for each Cadbury share.
Kraft’s previous offer of 10.5 billion pounds ($17.1 billion) valued Cadbury at about 770 pence.
