Cadbury’s Chairman Roger Carr has said it is an “unappealing prospect” to be absorbed into Kraft’s low growth conglomerate business model. In the letter to Kraft’s chairman and CEO Irene Rosenfeld on Saturday, Carr reaffirmed the British confectionery group’s rejection of Kraft’s bid, initially valued at $17 billion, as it fundamentally undervalued Cadbury. “Under your proposal, Cadbury would be absorbed into Kraft’s low growth, conglomerate business model, an unappealing prospect which contrasts sharply with our strategy to be a pure play confectionery company,” Carr said in the letter seen by Reuters. Kraft launched its cash and shares bid for Cadbury in an attempt to create the world’s largest confectionery group. It offered Cadbury shareholders 745 pence a share, but the value of the bid has fallen as Kraft shares have slipped and the dollar has weakened against the pound. Carr said Kraft’s proposal for his shareholders was to exchange shares in a pure-play confectionery group for cash and shares in a company with a considerably less focused business mix and historically lower growth. “We are committed to the delivery of optimum value to our shareholders and our board remains convinced that this is achieved through continuing to deliver our standalone pure play confectionery strategy,” Carr added. “In addition, the proposal is of uncertain value for Cadbury shareholders as underlined by the movement in the Kraft share price since your announcement.”