Kraft Foods Inc. on Monday proposed a 10.2 billion pound ($16.7 billion) takeover of Cadbury PLC, but the offer was immediately rejected by the British maker of chocolate, gum and candy. Cadbury said the offer undervalued the company, and expressed confidence in its «standalone strategy and growth prospects as a result of its strong brands, unique category and geographic scope.» Kraft was undeterred, however, and said it would continue to seek a transaction which Cadbury's board could support. Cadbury shares shot up 41 percent to 803.5 pence at midday on the London Stock Exchange, about the minimum analysts suggested Kraft would have to pay to clinch a deal, according to a report of the Associated Press.
