BUZZ-Unilever: analysts and investors question Kraft's 'inadequate' offer

** Little enthusiasm for Kraft-Heinz's initial $143 bln bid for fellow consumer staples giant Unilever (NYSE: UL - news)

** Unilever has already rejected Kraft's $50 per share offer at an 18 pct premium to Thursday's close, saying it saw no strategic rationale for a deal

** RBC and Jefferies both say Kraft's offer is "inadequate"

** James Bullock, a fund manager at Lindsell Train - Unilever's seventh largest shareholder according to Reuters data - says bid looks low

** "The premium on this bid so far doesn’t look particularly high compared to the market price," he said

** Macquarie notes Reckitt Benckiser (Xetra: A0M1W6 - news) 's bid for Mead Johnson was at a 29 pct premium on an EBITDA multiple of 18x

** Adds even if Kraft moves to a 30 pct premium deal will still be on 17x EBITDA, at the lower end of similar transaction multiples

** Investec (LSE: INVP.L - news) assumes Kraft will move to a 30 pct premium

** RBC says Kraft will have to raise its offer "substantially" to succeed

** Macquarie and Jefferies both flag antitrust issues in food divisions, savoury and dressings in particular, though limited compared to scale of the deal