Cadbury is braced for another takeover attempt, with the US chocolate maker Hershey ready to bid £10.2 billion. The figure tops Kraft’s £9.8bn hostile bid.

It is thought that Hershey has lined up financing for the deal from Bank of America and JP Morgan and is considering going it alone rather than jointly with Italy’s Ferrero.

Hershey and Cadbury have ties, and Hershey makes some Cadbury products in the US.

Hershey has little presence outside North and South America and is little more than half the size of Cadbury.

The offer is expected to include at least 10bn US dollars in cash from Her-shey, plus 2bn new Hershey shares and another 3bn-5bn dollars in cash from investors in exchange for equity in Hershey.

Byron Trott, a former Goldman Sachs banker known for his close relationships with billionaire Warren Buffett and other major investors, is advising Hershey.

Mr Buffett, whose investment firm Berkshire Hathaway is the biggest shareholder in Kraft, called Kraft’s original offer for Cadbury “pretty full”.

Kraft has made clear that it, like Hershey, wants access to Cadbury’s presence in developing markets such as Mexico and India. Its November 9 offer included 40 per cent cash and the rest in stock.

Cadbury quickly dismissed it as too low, but Kraft has until December to present it directly to shareholders.

“We’re the only offer on the table,” Kraft spokesman Michael Mitchell said. “And we’re confident we’re the best, most logical partner for Cadbury.”