Kraft Foods on Monday went public with a £10bn ($16.3bn) cash and shares offer for Cadbury after the UK’s best-known confectionery brand rejected the US foods group’s proposal.

The proposed offer comprised 300p a share in cash and 0.2589 new Kraft shares for every Cadbury share, valuing the UK group at 745p a share in total – a 31 per cent premium to Cadbury’s closing share price on Friday.