Cadbury has again insisted that Kraft Foods' proposed offer undervalues the company after reports that it has approached the UK Takeover Panel to force the US food giant to "put up or shut up" on its attempt to acquire the business.

A report in the Financial Times, which cited sources close to the matter, claimed that Cadbury approached the Takeover Panel yesterday (21 September) to either force Kraft to put a formal offer on the table or walk away from the move for six months.

A spokesperson for Cadbury declined to comment on whether the Dairy Milk maker had made contact with the takeover panel, insisting that the news did not come from within the company.

"We have been very clear that the bid undervalues the company and its future potential," the spokesperson said.

The spokesperson added that Cadbury is "confident" of shareholder support to resit the takeover attempt as it currently stands.

Legal & General, Cadbury's largest shareholder with a 5.4% stake in the company, has publicly backed Cadbury management and its cost-cutting initiatives, arguing that the offer price of 745p per share "materially undervalued" the group.

When contacted by just-food Kraft declined to comment.