Details of the deal between British confectioner Cadbury and Kraft have emerged which show the US food manufacturer paid the equivalent of 850p per share.
It is thought that the deal was finally clinched in the early hours of the morning on Wednesday January 20th, with Cadbury accepting an offer worth £11.9 billion from Kraft.
The Times reports that Cadbury’s chairman Roger Carr, turned down offers of 830p and 840p per share before a deal was finally agreed.
However, the move has already been criticised by Legal and General, Cadbury’s largest UK shareholder.
Mark Burgess, the head of active equities at Legal and General Investment Management, said: “We are disappointed management have recommended the offer for this iconic and unique British company.”
He added that the firm was “grateful” for the way it was consulted with but “the final offer fails to fully reflect the long-term value of the company”.
The board of Cadbury had been urging shareholders to reject Kraft’s previous offers, branding them “derisory” and “inadequate”.