Kraft Foods has been told to 'put up or shut up' in its attempt to buy Cadbury.

The Takeover Panel has given the US food giant until 9 November to come up with a firm offer, following its 745p-a-share proposal on 28 August.

Cadbury swiftly rejected Kraft's approach, but analysts believe there is likely to be a bidding war for the British chocolate maker.

"We have made our position on Kraft's proposal very clear and we welcome the panel's decision in the interests of obtaining clarity and certainty for our shareholders and employees," said Cadbury chairman Roger Carr.