LONDON — Cadbury’s board of directors is recommending its shareholders reject Kraft Foods’ $16.3 billion hostile takeover bid, saying it’s too low to come close to reflecting Cadbury’s true value. The company’s board rejected Kraft’s Sept. 7 offer, whose cash price per share and exchange ratio remain unchanged. Cadbury contends that due to a drop in Kraft’s share price since then, the offer’s implied value for each Cadbury share is about 4% lower. “The repetition of a proposal which is now ...

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