PORTLAND, Ore. — Kraft Foods Inc. took its $16.3 billion hostile takeover offer for Cadbury PLC straight to shareholders of the British candy company on Friday.
The deal is nearly unchanged from an earlier offer that was rejected by Cadbury. But by putting it directly in shareholder hands, Kraft starts the clock on a series of regulatory deadlines to get the majority support it needs and may flush out rival bids.
Kraft announced in September that it proposed a takeover of Cadbury and formally issued the bid in November. Cadbury immediately rejected the offer, saying it undervalued the company.
The offer includes about $4.95 in cash and 0.2589 new Kraft shares for each Cadbury share.
Cadbury, the maker of Dairy Milk chocolate and Dentyne gum, declined to comment on the offer Monday but has been clear about its disinterest at this price. Under British regulations, Cadbury has two weeks to give a formal response to the offer before shareholders.
Retaining the original offer gives Kraft, the maker of Oreo cookies, Nabisco crackers and its namesake cheese, some wiggle room to increase its bid should a rival suitor emerge.
Kraft wants to get the majority shareholder votes by Jan. 5, but can take until February to complete the process under regulations.
