Kraft launched a hostile bid for UK candy giant Cadbury today. The offer values the company at more than $16 billion and asks Cadbury shareholders to accept a merger that its executives rejected, the Wall Street Journal reports. Kraft, which hopes to boost sales by gaining exposure to new markets, now has 28 days to fill in Cadbury shareholders on the details of the deal. It then would have another 60 days to gather the necessary shares.
But the takeover attempt probably won't be easy. Cadbury's chairman dismissed the "derisory offer" and said it "has strengthened its resolve to ensure the true value of Cadbury is fully understood by all."