Cadbury believes Kraft’s offer for the chocolate maker is not sweet enough.

Kraft this morning formally bid $16.4 billion for Cadbury, getting in just under a British Takeover Panel deadline.

The bid, which was essentially the same as the informal one Cadbury turned down in August, was rejected again.

“Cadbury is an exceptional standalone business,” Roger Carr, chairman of Cadbury, said in a statement. “Kraft’s offer does not come remotely close to reflecting the true value of our company, and involves the unattractive prospect of the absorption of Cadbury into a low growth conglomerate business model.”

Kraft now has 46 days to raise its bid.