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At 12:04 GMT, the company was up 1.6 per cent on the FTSE 100, taking its shares to 813p, Reuters reports.
This values it 13 per cent above the 723p per share offer made by Kraft, which is now believed to be under pressure from a number of other potential buyers, including Ferrero, Hershey and Nestle.
"The probability of a competitive auction for Cadbury has increased," Martin Deboo of Investec Securities told the news source.
Earlier in November it was suggested that Kraft would not bid above the 745p per share offer it made earlier in 2009, but competition from rivals means it may now have to pay more than previously thought.
Jon Cox of Kepler Securities predicted that Kraft will bid 826p, adding that the firm remains "in the driving seat" to buy Cadbury.
Posted by Chris Weaver
