Kraft Foods may increase its bid for Cadbury to a level that is accepted by the UK chocolate-maker, BBC business editor Robert Peston has learned.
He says the US giant may raise its offer to between 840 pence and 850p per share, which at 850p would value Cadbury at £11.7bn.
Kraft launched its hostile takeover bid for Cadbury in December, having its previous offer of 761p rejected.
Shares in Cadbury ended Monday trading up 14 pence or 1.8% to 807.50p.
Kraft has a Tuesday deadline to make its second and final formal bid.
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