Chocolate maker Cadbury on Tuesday blasted Kraft again over its "derisory" and "unwelcome" takeover bid, arguing that the US food giant had run out of ideas.

Cadbury had already rejected Kraft's hostile formal bid on Monday, describing it as "inadequate" in a defence document which also ramped up its forecasts for sales and profit margins over the next four years.

The British group predicted organic sales growth of 5.0-7.0 percent per year until 2013, and profit margins of 16-18 percent by 2013, boosted by emerging markets like Africa, India and the Middle East.

But in a statement published earlier on Tuesday, Kraft questioned whether Cadbury would be able to achieve the targets as a standalone company -- and received a stern response from the British confectioner.

"Kraft seem to have run out of ideas," a Cadbury spokesman said.

"Neither our shareholders nor the market as a whole seem to have had any problems understanding the detail in our business plan or the defence we presented yesterday.

"No smoke and mirrors will change the fact that Kraft's offer remains derisory.

"We will continue to communicate directly with our shareholders about the significant value in their business as we have throughout this unwelcome approach."

However, earlier Tuesday, Kraft had stated that Cadbury's latest forecasts were subject to a high degree of "risk and uncertainty."

"In contrast with the value certainty and upside potential provided by the offer, Cadbury is asking its shareholders to put their faith in possible future value creation based on a set of long-term targets, never before achieved by Cadbury and subject to significant risk and uncertainty," Kraft said.

"Furthermore, Kraft Foods notes that Cadbury has chosen to concentrate on long term targets, with very little information on its prospects for 2010."

Kraft also revealed US competition authorities have approved its hostile bid, which has been repeatedly snubbed by Cadbury and is worth 9.9 billion pounds.

Earlier this month, Kraft appealed directly to shareholders with details of its cash and shares takeover bid. Cadbury investors have until January 5 to accept the offer.

"We have heard nothing from Cadbury that surprises us," said Kraft Foods chief Irene Rosenfeld in Tuesday's statement.

"Cadbury's defence document only reinforces our belief that there is a compelling strategic and financial rationale to combining these two companies and that doing so would be in the best interest of both companies' shareholders.

"Having said that, Kraft Foods will continue to maintain a disciplined approach with respect to the acquisition of Cadbury in line with the criteria outlined in our offer documentation."

Kraft is the world's second biggest snacks group after Nestle. Cadbury is meanwhile the second largest confectionery company behind Mars.

A tie-up between Kraft and Cadbury would merge leading Kraft brands Oreo biscuits and Maxwell House coffee with Cadbury's Dairy Milk chocolate and Trident chewing gum.