Cadbury’s board took less than an hour on Monday to issue a statement condemning Kraft’s hostile offer, signalling that it is preparing a staunch defence of the company’s prospects as a stand-alone entity in the months ahead.

“Kraft’s offer does not come remotely close to reflecting the true value of our company,” said Roger Carr, Cadbury chairman, adding that the company’s board had “strengthened its resolve to ensure the true value of Cadbury is understood by all”.