INSTANT VIEW: Kraft plays long game in Cadbury pursuit

LONDON (Reuters) - Kraft made a formal but unchanged bid for Cadbury on Monday, leading analysts to predict the U.S. food giant was ready to play a long game in its unrequited courtship of the British confectioner.

Following are reactions to the Kraft statement.

AN UNNAMED TOP 25 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 what has been offered and given there is no significant improvement in the offer, we will just say no. And also we have to take into account what we have seen about the relative growth rates of Cadbury and Kraft recently.

"I think something closer to 9 pounds -- not scraping over 8 pounds -- will have us scrambling for our calculators. Whilst 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.

"If you bolt Cadbury onto a very slow-growing Kraft business, the overall returns over the long-term or even the medium to long term are going to be lower than just having shares in the faster growing Cadbury bit."

ROGER CARR, CHAIRMAN, CADBURY

"The repetition of a proposal which is now of less value and lower than the current Cadbury share price does not make it any more attractive.