Nov. 4 (Bloomberg) -- Kraft Foods Inc. Chief Executive Officer Irene Rosenfeld’s vow to remain “disciplined” on her bid for Cadbury Plc stirred speculation that the U.S. company may scrap its offer as a takeover deadline approaches.

“With or without Cadbury, Kraft Foods is well- positioned,” Rosenfeld said yesterday as the maker of Oreo cookies reported results and cut its sales forecast. “We remain interested but will maintain a disciplined approach.” She said Kraft won’t bid unless it can maintain its dividend.

Cadbury shares slipped to their lowest closing price since Kraft disclosed its bid. Pablo Zuanic, an analyst at JPMorgan Chase & Co., today said he has a “growing belief that Kraft could walk away” and counterbids are unlikely. He cut his share-price target for the London-based Dairy Milk maker by 5 percent to 780 pence, near yesterday’s close.

Last month, some analysts said Cadbury could sell for 900 pence per share, more than 20 percent above Kraft’s offer. Kraft has until Nov. 9 to make a formal bid for Cadbury, which declined to comment. Kraft’s unsolicited approach is now worth about 9.8 billion pounds ($16.3 billion) in cash and stock.

Deal Deadline

Zuanic said Northfield, Illinois-based Kraft may come back a year later, when investors have had more time to gauge results from Cadbury’s plan to boost profitability. Cadbury, which has called Kraft a “low-growth conglomerate,” raised its margin and revenue forecasts on Oct. 21.

“Cadbury shareholders could face meaningful downside if Kraft walks away,” Zuanic said today. “We doubt Kraft will go over 780 pence.” Cadbury’s shares declined 11 pence to 766 pence today.

British regulators ordered Kraft to come up with a fully financed proposal for Cadbury by next Monday or else drop their pursuit for six months. The U.S. company, whose products include Philadelphia cream cheese, wants to buy Cadbury to bulk up in emerging markets including India, Brazil and Mexico.

Kraft yesterday said a Cadbury purchase would have to add to cash earnings in its second year and allow the company to maintain its dividend. The U.S. company also lowered its annual sales forecast yesterday, citing lower prices and weaker demand in Europe. Kraft fell about 2.7 percent in New York trading today as of 1 p.m. local time.

To contact the reporters on this story: Keith Campbell in London at k.campbell@bloomberg.net; Duane D. Stanford in Atlanta at dstanford2@bloomberg.net.

Last Updated: November 4, 2009 13:05 EST