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Geffen slams Kraft takeover bid

Neptune founder Robin Geffen has slammed Kraft Foods takeover of Cadbury’s, claiming it is a “bad deal for everyone”.

Geffen says the £11.5bn bid from the US giant involves part payment in Kraft shares which he says are unappealing given their current level and the high level of debt.

He says: “Shareholders don’t get a full value, bank holders will likely suffer a down grade and employees will lose their jobs in large numbers. Sadly, Cadbury’s management won’t fight on and too many large shareholders are focused on very short-term performance.”

Earlier today Cadbury’s chairman Roger Carr confirmed that job losses were an “inevitability” on the back of the deal.

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