The Cadbury chairman, Roger Carr, said the board had also received “two statements of intent,” but he declined to identify the companies. Ferrero, the Italian family-owned maker of the Nutella hazelnut-cocoa spread, and the candy maker Hershey said last month they were reviewing their options regarding a possible offer. Mr. Carr said there would not be any concrete takeover discussions unless the companies “can deliver a fully financed, credible offer.”  Cadbury, a 185-year-old company, is trying to persuade its shareholders that it would be better off remaining on its own. Mr. Stitzer declined to say what price would constitute a reasonable offer for Cadbury, but he said that any price range analysts estimated for the company “should be much higher” after the announcement on Monday.  In a statement to investors, Mr. Carr said: “Kraft is trying to buy Cadbury on the cheap to provide much needed growth to their unattractive low-growth conglomerate business model. Don’t let Kraft steal your company with its derisory offer.”  Cadbury said it expected to reach an operating margin — a measure of profitability — of 16 percent to 18 percent of revenue by the end of 2013. That compared with an earlier forecast of a percentage in the “midteens” in two years. It cited earnings growth in emerging markets, especially Latin America and India.  Cadbury’s business in developing countries is among the most attractive factors for Kraft, which is looking to expand into faster-growing markets.  Cadbury also said Monday that it expected revenue excluding acquisitions to increase 5 percent to 7 percent and a “double-digit” increase in dividends next year.  Kraft has until Jan. 19 to alter its bid and until the beginning of February to win over Cadbury shareholders.  A version of this article appears in print on December 15, 2009, on Page B8 of the New York edition with the headline: Cadbury Moves to Fend Off a Hostile Bid by Kraft Foods. Order Reprints| Today's Paper|Subscribe
The British chocolate maker called the American company’s offer “derisory” and said it had no merit because it would be a drag on growth.