Cadbury Rejects Kraft Takeover Bid

British chocolate and chewing gum maker Cadbury has rejected Kraft’s unsolicited takeover bid of $16.73 billion in cash and shares—but Kraft isn’t done fighting. The American food giant has said publicly that it will work with Cadbury to develop an offer agreeable to both parties. The Wall Street Journal reports that should Cadbury accept Kraft’s offer, the merger would create “a global food giant with $50 billion in annual revenue, and would boost Kraft’s growth prospects by giving it access to new brands, especially in the attractive chewing-gum segment.” Additionally, the combined companies would surpass Mars, Nestlé, and Hershey in confectionary market dominance.