Cadbury PLC's (CBY) chief executive doesn't expect Kraft Foods Inc. (KFT) to walk away from its bid for the U.K. confectioner and sees his job as getting as much value as possible from a deal, a Bank Of America analyst said Wednesday following a meeting with the Cadbury boss.

Cadbury's Todd Stitzer was speaking to investors in London and, although the firm has yet to disclose Stitzer's comments, BofA analyst Simon Archer summarized them for clients in a note Wednesday.

"Todd admitted that there is some strategic sense in combining the two companies and he doesn't expect Kraft to walk away, so he said his job is to get as much as value as possible," said Archer.

If accurate, this marks a softening in Cadbury's stance. Just 10 days ago, Kraft was dismissed as a "low-growth conglomerate" and its bid "unappealing" by Cadbury Chairman Roger Carr in an open letter to Kraft.

Stitzer still had problems with the value of Kraft's GBP10.2 billion bid, however, describing the projected $625 million synergies as "modest," and pointing out the higher earnings multiples paid in recent deals in the sector.

Archer also quoted Kraft Chief Executive Irene Rosenfeld at the same conference as saying that Cadbury was "quite a compelling opportunity but not at any price."

Stitzer said the ball is now Kraft's court, according to Archer.

Kraft has so far pledged to continue working toward a recommendation from Cadbury for its bid despite a swift rejection from the Cadbury's board.

-By Michael Carolan, Dow Jones Newswires; 44-20-7842-9278; michael.carolan@dowjones.com