What's the difference between a good offer and a derisory one? In the case of Cadbury, it is 14%.

In recommending a sweeter 850 pence-a-share ($13.89) offer from Kraft Foods, Cadbury Chairman Roger Carr has yielded to the U.S. investors and hedge funds that dominate the chocolate maker's share register. Unlike U.K. institutions, they were keener to take Kraft Foods' cash and shares today than to wait for Cadbury to realize its potential. At 13 times Cadbury's 2009 ...