Kraft's Risky Play for Cadbury

Corporate brinkmanship is making a comeback. Only days after Irene Rosenfeld, chief executive of Kraft (KFT), went public with her $16.7 billion bid for confectionary giant Cadbury (CBY), the British company's chairman, Roger Carr, blasted back in a Sept. 12 letter explaining why the cash-and-share offer was "unappealing." Cadbury's U.S.-born CEO Todd Stitzer is expected to voice similar opposition to the deal when he addresses shareholders in London on Sept. 16.

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