Cadbury's has rejected a proposal by American food giant Kraft Foods to take over the British confectionary firm.
Kraft offered $US16.7 billion for the company, but Cadbury, whose shares leapt on the news, said the approach "fundamentally undervalues" the company, the BBC reports.
Kraft said the purchase would protect jobs in the United Kingdom - including saving a factory earmarked for closure.
Last year, Cadbury announced plans to slash 15% of its workforce and factory numbers worldwide - equivalent to 7,800 jobs - as it looked to cut costs.
