PREVIEW-UPDATE 1-Kraft in waiting game as Cadbury deadline nears

* Kraft holds formal bid until last few days

* Expected to reiterate conditions of indicative offer

* Modest sweetener expected later in process

(Adds detail on Cadbury defence)

By Victoria Howley and David Jones

LONDON, Nov 6 (Reuters) - Kraft Foods (KFT.N) is persisting in its waiting game as a deadline for its acquisition of British confectioner Cadbury (CBRY.L) nears, and many see a formal bid coming in close to its tight first offer.

The North American food group is likely to keep the same terms as its informal offer, which values Cadbury at 10.2 billion pounds ($16.9 billion) before sweetening its bid later, sources familiar with the matter have said,

"We anticipate the bid coming on Monday to kick off the formal takeover process," said one analyst, speaking on the condition of anonymity.

Cadbury early in September rejected the cash-and-share offer, worth 745 pence per share at the time and at 722 pence at current values. At 762 pence on Friday, markets showed they were not expecting a massive extra pay-out from Kraft, led by its determined chief executive, Irene Rosenfeld.