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The New York Times reports that Cadbury has renewed its objections to the $16.5 billion acquisition bid for the company being pushed by Kraft foods, once again describing it as a “derisory” effort to steal the company.

Nothing that its most recent growth numbers surpassed expectations, Cadbury described Kraft in a letter to shareholders as ''an unfocused, conglomerate business model with significant exposure to lower growth categories and a track record of missed financial targets.''

And, in an interview with the BBC, Cadbury chairman Roger Carr said that ''for Kraft to make this pay for their shareholders, they have to attract huge synergies. Synergies is a euphemism for heavy cost cuts and inevitably plants and jobs would be lost.”

While Kraft has refused to back down or increase its offer, so far Cadbury’s efforts seem to be gaining traction, with early reports saying that relatively few Cadbury shareholders seemed inclined to accept Kraft’s offer.
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