I do not think that KFT will just give pretty much the same offer first time around, and then haggle over a few pennies. A few points:

CBY HATES kraft. "low growth company"

2. CBY wants at least a 25% increase in offer, and most in cash- this is NOT doable , and not acceptable to kraft.

3. KFT investors are VERY PISSED OFF at KFT for mediocre numbers , when they were supposed to be GREAT! (please see GIS and k numbers-GREAT).

4. CBY has looked at KFT results and said "told you so- low growth company"

5. KFT investors are AGAINST ANY big takeover. They want KFT to grow the company, increase dividend, and use the billions they have to BUY BACK STOCK.

This is what kft shareholders want.

as for cby? Forget about it!