In order to win the support of shareholder Standard Life, Kraft would have to raise its bid for the Cadbury acquisition and take it beyond 900 pence, as has been stressed by the insurance group's head of UK equities.

"If Kraft wants to get Cadbury they need to pay a full price to get long-term shareholders. That price would have to be, in my view, above 9 pounds a share", said David Cumming. Currently, as has been confirmed by the company, Standard Life holds less than 1% of Cadbury's shares.

Present bid put forward by Kraft is offering Cadbury 769 pence per share, and according to the median price pegged by 9 of the company's shareholders, the buyers should be paying at less 850 pence. These 9 shareholders collectively account for nearly 11% of the firm's shares.

"A bid at that price would not secure support from companies like ourselves", Mr. Cumming said.

As of now, Franklin Resources Inc. is Cadbury's largest shareholder, and according to Peter Langerman, Chief Executive officer of subsidiary Mutual Series, which takes care of about 7.7% of the total holding, the company will reject the bid if Kraft does not improve it.