Cadbury has launched a strong defence against Kraft's hostile bid
Kraft Foods has warned Cadbury's shareholders that they will be "taking a risk" if they support Cadbury as a standalone company.
The US food giant said that its proposed takeover of Cadbury would deliver cost savings and deliver "substantially more value".
It questioned the Cadbury board's optimistic view of its future as an independent company.
Cadbury has urged its shareholders to reject Kraft's hostile bid.
"Cadbury is asking its shareholders to put their faith in
a set of long-term targets never before achieved by Cadbury and subject to significant risk and uncertainty," Kraft said in a statement.
It said that in contrast its offer provided "certainty" and "potential" to shareholders.
Kraft's chairman and chief executive, Irene B Rosenfeld, added that the company would "continue to maintain a disciplined approach with respect to the acquisition of Cadbury".
On Monday, Cadbury issued its defence document against Kraft's bid. It urged shareholders to reject Kraft's bid, calling it "derisory" and an attempt to buy the company "on the cheap".
Shareholders have until 5 January 2010 to respond to Kraft's takeover offer.