Kraft Foods Inc. has proposed to take over Cadbury PLC for 10.2 billion pounds ($16.7 billions), an offer which was immediately rejected by the British maker of chocolate, gum and candy.

Kraft was undeterred, however, and said it would continue to seek a transaction that Cadbury’s board could agree to.

Kraft, whose brands include Velveeta cheese product and Philadelphia cream cheese, said on Monday it had proposed paying 300 pence in cash and 0.2589 new Kraft Foods shares per Cadbury share, valuing Cadbury shares at 745 pence.

Cadbury shares closed at 568 pence on Friday.

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