PORTLAND, Ore. — British candy maker Cadbury PLC is awaiting a sweeter offer than Kraft Foods’ $16.7 billion stock-and-cash proposal. But it is unclear whether Kraft or other potential suitors — such as Hershey Co. and Nestle SA — will put more cash on the line, which could prove key to a deal.

Cadbury, the second-largest global candy maker with brands including Trident, Dentyne and Cadbury Creme Eggs, quickly rejected the surprise offer by Kraft Foods on Monday, saying it undervalues the company. But Kraft CEO Irene Rosenfeld is continuing to make a case for the deal, which would expand Kraft’s global footprint.

Cadbury’s rejection of the bid, however, opens the door to discussions with others. Analysts suggest Switzerland-based Nestle, the world’s largest food maker, and U.S.-based candy maker Hershey might come together to consider making a bid of their own.

Kraft, the world’s second-largest food maker with brands such as Ritz, Oreos and Toblerone chocolate, said Tuesday that it plans to continue discussions with Cadbury and will try to keep the efforts “friendly.”

“We fully expect either a dialogue between these two companies to commence resulting in an increased offer, or a hostile offer from Kraft,” Stifel, Nicolaus&Co. analyst Christopher Growe wrote to investors Tuesday.

Analysts say cash may prove vital because Cadbury’s investors have limits on how much U.S. stock they can hold.

Kraft shares fell $1.65, nearly 6 percent, to close at $26.45 Tuesday. In trading of its U.S. shares Tuesday, Cadbury closed at $51.88, up $14.42, or 38.4 percent.