Cadbury rejected Kraft's bid on Monday. Photo credit: Ell Brown

The document, released on Kraft’s site, asked pointed questions about Cadbury’s cash flow, its margin goals over the next several years, and whether the company would be able to achieve its margins without further spending or restructuring. The document also included a point-by-point rebuttal of Cadbury’s main reasons for rejecting Kraft, including that the offer “represents a substantial premium to the unaffected share price of Cadbury”, refuting Cadbury’s claim that Kraft’s offer was just too low.

Kraft also said that a merger with Cadbury would create “meaningful revenue synergies and significant cost savings” and that it will continue to pursue the British confection giant.

“We have heard nothing from Cadbury that surprises us. Cadbury’s Defence Document only reinforces our belief that there is a compelling strategic and financial rationale to combining these two companies and that doing so would be in the best interest of both companies’ shareholders,” Irene Rosenfield, CEO of Kraft, said the statement that appeared on Kraft’s site. “Having said that, Kraft Foods will continue to maintain a disciplined approach with respect to the acquisition of Cadbury in line with the criteria outlined in our offer documentation.”

Today, Cadbury workers have said they plan to demonstrate this afternoon in front of the Cadbury Club in Birmingham, to protest any potential merger or sale and to, they said, “stop Kraft swallowing Cadbury.”

Cadbury’s shares fell today in early morning trading, from 3½p to 791½p.