Cadbury agrees £11.5bn Kraft takeover

Cadbury's board will advise its shareholders to accept a new offer of 840p a share - valuing the company at £11.5bn. Kraft's offer is far improved on the £9.8bn hostile bid last year, while the group is also offering a 10p per share dividend for Cadbury shareholders. The offer consists of 500p in cash, with the rest made of Kraft shares. Kraft will borrow £7bn to finance the deal. "The boards of Kraft Foods Inc. and Cadbury plc confirm that they are finalising the terms of a recommended offer for Cadbury plc," a joint statement reads. David Cumming, head of UK equities at Standa...