British candy maker Cadbury PLC (CBY) rejected a hostile 9.8 billion pound ($16.4 billion) hostile takeover bid from Kraft Foods Inc (KFT).
Cadbury says that Monday's renewed approach from Kraft "does not come remotely close to reflecting the true value of our company."
Kraft has refused to sweeten a previous offer that was already rejected by Cadbury, leaving the terms of the cash-and-stock approach unchanged and taking the offer directly to shareholders.
But a shift in share prices means it now values each Cadbury share at 717 pence, less than the previously rebuffed approach of 745 pence.
Analysts had said that Kraft, the maker of Oreo cookies, Nabisco crackers and its namesake cheese, needed to improve its bid to have a chance at success.
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