In the massive cross-border hostile takeover battle, Cadbury (CBY) again said "no" to Kraft's (KFT) $16.91 billion offer. Although, in buyout-speak, the response was in a press release that called the deal "fundamentally unattractive" and even "derisory" (yes, the attorneys have spent time at the thesaurus).

Why the rebuff? Cadbury reported a healthy 2009 and expects the good times to continue into 2010. In other words, a buyout is not necessarily evil -- that is, so long if the price is right.

Billionaire Nelson Peltz may have thought he had the inside track to buy Wendy's (NYSE: WEN) since his Triarc Group already owns Arby's.

According to The Wall Street Journal, Mr. Peltz will have competition from a group including Thomas H. Lee Partners LP, Oaktree Capital, and First National Financial. The head of First National once ran the Carl's Jr. and Hardee's chains. And, a third group has come to the table, this one backed by Kelso & Co. and Oak Hill Capital Partners.

Unlike several private equity deals that are falling apart because of tight credit markets, the Wendy's deal looks like it may be done at a nice premium for shareholders. Wall Street anticipates that the company could go for $37 to $41 a share. Wendy's stock is under $34.

Why is this deal different from others? Perhaps because the most visible bidders have a great deal of experience in the fast food business. This may give them more confidence that they will know which parts of the company can be improved to yield better cash flow.

That makes Wendy's shareholders more fortunate than those in other companies being pursued for buy-outs.

Douglas A. McIntyre is a partner at 24/7 Wall St.

No doubt, M&A is a way to grow a company. But what if the target doesn't want to sell-out?

One option: A hostile takeover.

True, it's an expensive and time-consuming option. And it's far from foolproof. Companies can have defenses such as the so-called "poison pill"), or another, more palatable bidder might be drawn to the table (known as a "White Knight.") The last wave of hostile takeovers in the "Go-Go '80s" had mixed results over the business landscape.

The latest issue of BusinessWeek, takes a look at the renewed vigor in this part of the deal world. Hostile activity is indeed increasing, and this time, it's global. A Thomson study indicates that in 2006, there were 110 unsolicited bids for a total of $351 billion (this is on a worldwide basis).

Corporate America has tons of cash to do deals. Private equity firms have even more. Hedge funds are becoming key players, as well, since such deals tend to result in premium stock prices for the target.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates DealProfiles.com.