British confectioner Cadbury has "emphatically rejected" a £9.8bn hostile bid from American food giant Kraft.
Cadbury said it had turned down what it saw as the "derisory" offer, which will now be put directly to its shareholders, the BBC reports.
In a statement Cadbury chairman Roger Carr said the offer does not come remotely close to reflecting the true value of the company.
Kraft offered a mixture of cash and shares for each Cadbury share, the same terms it proposed in September.
As Kraft shares have dropped in value since then, the bid is now worth less than the original approach.