KRAFT could raise its offer for Cadbury by at least 20 per cent thanks to a boost from sale synergies, according to brokers Sandford Bernstein, who will today host a conference with Cadbury chief executive Todd Stitzer.<br /><br />Kraft’s bid was originally worth $16.7bn (£10.2bn), which valued each share at 745p. Cadbury has rejected the offer, with chairman Roger Carr saying the prospect of being absorbed into Kraft was “unappealing”.<br /><br />Analysts agree that the bid undervalues Cadbury, but Sandford Bernstein has said that a merger between the two could create sales synergies of at least $625m, allowing Kraft to easily raise its offer to £9 a share.<br /><br />Sandford Bernstein analyst Eric Scher said: “Kraft will be keeping something up its sleeve and it can afford to. I don’t think the bid will be taken off the table. It will be just about getting the price right for Cadbury shareholders.”<br /><br />Kraft yesterday hit back at suggestions that it would have to sell assets like Maxwell House coffee or any of its other brands to afford its bid. It is currently in talks with a number of banks about securing financing for a deal.