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The Times has reported that Hershey's could partner with Nestle, the Swiss multinational, in any counterbid.

The move came as Irene Rosenfeld, Kraft's chairman and chief executive, rebuffed claims Kraft could be forced into overpaying.

Kraft issued a stock exchange announcement in which it made reference to suggestions that for Cadbury placed a lower value on its target than Mars paid for Wrigley last year.

Michael Osanloo, Kraft's executive vice-president of strategy, said in a statment: "There have been a lot of views expressed about Mars/Wrigley as a benchmark for our proposal... [but] the world has changed dramatically since then.

"The simple fact is that Cadbury is worth what someone is willing to pay for it - nothing more."

Separately, Rosenfeld said that she did not expect Kraft to be forced to divest any of its brands -- such as Ritz crackers, Toblerone and Terry's chocolate -- to help fund the takeover.