Cadbury shores up defenses against Kraft

To ward off a $16 billion bid from Kraft that Cadbury Chairman Roger Carr said was an effort to buy the company "on the cheap," Cadbury raised its revenue and profit expectations Monday, saying revenue would grow up to 7 percent, while margins would increase from 16 percent to 18 percent by 2013.

Carr warned shareholders, "don't let Kraft steal your company with its derisory offer."

"Cadbury is a particularly attractive asset in the sector with iconic brands, a sharp category focus and an enviable geographic footprint," he said, The Times of London reported

Chief Executive Officer Todd Stitzer said Cadbury had "received indications of interest from third parties with respect to possible business combination transactions."

"Our board has been very clear: we're not going to comment on the details of those conversations unless and until they're right to be communicated," he said.

Copyright 2009 by United Press International.