Day 39 internal Q and A
What has happened?
We have published our second formal rejection of Kraft’s offer. The Board gave more reasons why it has
rejected Kraft’s offer. The document also summarised our expected outstanding 2009 performance.
What happens next?
On Thursday, 14 January we will share more details of our 2009 performance.
Kraft has until Tuesday 19 January (Day 46) to revise its offer and has extended the deadline for shareholder
responses to 2 February (Day 60). In the meantime, our Chairman and senior management team led by Todd
Stitzer and Andrew Bonfield will continue dialogues with investors to explain why our Board believes they should
reject Kraft’s offer.
If another formal offer is tabled by a new offeror, this would usually have the effect of re-setting Kraft’s offer
timetable so that Kraft and the new offeror are bound by the timetable for the new offeror. Kraft and any new
offeror would therefore have further time to revise their offers.
Is it fair to say that we are now restricted from communicating anything new to shareholders and Kraft
has the final say?
Our Board can still respond to any new offer from Kraft and it can still make its existing case to shareholders.
We are only restricted from releasing material new information such as financial forecasts or results. We’ve
made a very compelling case to our shareholders regarding the exceptional future for Cadbury and why they
should reject Kraft’s offer. It’s now up to Kraft to try to make a case to shareholders that they should give up
their Cadbury shares in return for the current or any revised offer from Kraft.
What’s the difference between this document and the document we sent to shareholders in December?
The response document we published on 14 December, 2009 focused on Cadbury being a pure play, stand
alone confectionery company and our upgraded performance targets. This second response document provides
further information on Cadbury including preliminary details of our 2009 pe