Having waited since 7am with eyes glued to their trading screens for this afternoon's announcement, investors and stockbrokers were disappointed by the terms on offer.

Here are some of their reactions...

Roger Carr, chairman: “The board has emphatically rejected this derisory offer and has strengthened its resolve to ensure the true value of Cadbury is fully understood by all.

Kraft's offer does not come remotely close to reflecting the true value of our company, and involves the unattractive prospect of the absorption of Cadbury into a low-growth conglomerate business model.”

The Cadbury shareholder: “It's all a bit of an anticlimax but this is the beginning of a formal process so there's no immediate payday. For long-term shareholders, given that there is no improvement in the offer, we will just say No'. Something closer to 900p — not scraping over 800p — will have us scrambling for our calculators.

“While it would be possibly unrealistic for Kraft to think that's what they want to pay, they also have to consider that it may be unrealistic that anyone is going to sell it to them at that price.”

The stockbroker (Jeremy Batstone-Carr at Charles Stanley): “I don't believe it's enough. As it stands at the moment, I don't think it has the faintest chance of success so Kraft will have to raise its offer if it is to achieve success.

“Cadbury shareholders will be extremely underwhelmed by this and will have no desire to accept the offer as it is currently presented. Without a shadow of a doubt, Kraft will have to raise the cash.”