An agreement has been reached between the American food company Kraft and Cadbury's, the 200 year old British confectioner, over a £11.5 billion takeover. Cadbury's started in Birmingham in 1824 when John Cadbury opened a shop selling tea, coffee and hot chocolate as an alternative to alcohol. It now employs about 45,000 people in 60 countries and it's brands include Dairy Milk, Flake, Crunchie, Chocolate Buttons and Milk Tray.
What are the details:
- Cadbury's board recommended to the shareholders that it accept a bid of 840p per share, valuing the business at £11.5 billion.
- Each shareholder will receive 500p per share and the remainder will be made up of shares in Kraft.
- This is an increase in the previous offer by craft when the valued Cadburys at £10.5 billion.
- The move could lead to possible job cuts within Cadbury's UK business as a result.
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