The decision about whether to agree to a takeover is taken by the shareholders only. Only they can decide whether to sell the company.
When the cadbury shareholders eventually voted on the Kraft bid, over 30% of the shareholders had bought their Cadbury shares in the preceding weeks - they were mainly American hedge funds. No wonder, therefore, the Cadbury voted to accept the bid
(Original post by TB.93)
If Cadbury didn't want Kraft to take them over, why did they let them? I am so confused. The people at Cadbury are really upset by the acquisition but surely the could have stopped it?