CADBURY has launched a renewed attack on Kraft's unwanted bid for the company and issued upbeat trading figures to back its case.
The British chocolate maker accused the US food giant of dramatically undervaluing the company.
Revenues grew by 6 per cent in the second half of 2009 at Cadbury according to the figures issued as part of a so-called second defence document.
Cadbury also said it expects its full year dividend to grow 10 per cent on last year.
Appealing to shareholders Cadbury chairman Roger Carr said: "Kraft’s offer is even more unattractive today than it was when Kraft made its formal offer in December.
"Our 2009 performance is ahead of our previously upgraded expectations and we have excellent momentum going into 2010."
"Kraft's offer is very significantly below all comparable transactions in the sector; applying any of the comparable multiples would imply a price per share far above Kraft’s offer.
"Don't let Kraft steal your company with this derisory offer."
Cadbury re-affirmed its view that Kraft’s £10.5bn cash-and-share offer was "derisory" particularly as its own share price had risen.
The company has been fighting off Kraft's bid since early September.