Cadbury shareholders have indicated they will hold out for an offer worth at least 800p per share in the wake of yesterday’s formal bid from Kraft.

The US food giant yesterday launched a bid worth 717p a share, valuing the UK confectioner at around £9.8bn.

It is thought Kraft will not send its offer documents to shareholders for at least two weeks, The Times reported, giving the Cadbury board a fortnight to ready its defence against the bid.

Cadbury chairman Roger Carr yesterday called Kraft’s offer “derisory” and reiterated the board’s belief that the confectioner was stronger as an independent business.

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Kraft beats deadline to launch formal Cadbury bid (9 November 2009)
Cadbury braced for new Kraft bid as takeover deadline looms (2 November 2009)
Cadbury’s results set to push up Kraft bid (24 October 2009)