Three top Cadbury officials resign
February 4th, 2010 - 12:49 am ICT by BNO NewsLONDON (BNO NEWS) – Three top officials from Cadbury Plc, a British confectionary and beverage company, on Wednesday announced their resignation following Kraft Foods’ buyout of the company.
Todd Stitzer, CEO of Cadbury, Andrew Bonfield, CFO of Cadbury, and Roger Carr, Chairman of Cadbury Plc all announced their resignations following Kraft Foods’ decision to declare its offer for Cadbury unconditional.
“The past few months have been an intense and difficult time and I would like to thank all those who helped show the true value of Cadbury through a spirited bid defence,” said Stitzer. “I will now be taking some time out with my family to consider my future options, but you can be sure my heart will always be a deep Cadbury purple.”
Kraft announced on Tuesday that nearly 72 percent of Cadbury shareholders voted in support of the deal, which was the final step in creating a merged global food giant. Kraft still needs to reach 75 percent of the shares to be able to delist Cadbury from the stock market and fully integrate it as part of Kraft Foods.
If that fails, Cadbury would become a company owned by Kraft rather than part of Kraft Foods.
The deal with Kraft Foods is valued at $19.5 billion after Kraft reached a deal to purchase Cadbury for $13.4 per share. Kraft issued a statement saying the deal would create a “global confectionery leader”, and borrowed $11.5 billion to finance the takeover.
The effective date of the officials’ resignation from the Cadbury board has yet to be determined.
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Tags: andrew bonfield, beverage company, bno, cadbury, ceo, cfo, confectionary, effective date, food giant, global food, kraft foods, london, resignation, resignations, roger carr, shareholders, stitzer