Kraft responds to Cadbury brush-off

NORTHFIELD, Ill. Kraft Foods has considered Cadbury's formal response to its offer to acquire all of the issued and to be issued share capital of Cadbury.

Cadbury rejected Kraft's takeover bid of $16.5 billion on Monday, stating that the offer was "derisory." Kraft, however, affirmed that its company and Cadbury represent a uniquely complementary fit, though Cadbury's defence document noted its raised outlook and future goals as an independent company.

"We have heard nothing from Cadbury that surprises us," said Kraft's chairman and CEO Irene Rosenfeld. "Cadbury's defence document only reinforces our belief that there is a compelling strategic and financial rationale to combining these two companies and that doing so would be in the best interest of both companies' shareholders. Having said that, Kraft Foods will continue to maintain a disciplined approach with respect to the acquisition of Cadbury in line with the criteria outlined in our offer documentation."