Hershey Cancels Plan to be Sold
Hershey Foods (HSY ) canceled plans to be sold after the board of directors of Hershey Trust Co. voted to terminate the sale process. The leading candy maker was preparing to sign a $12.5 billion deal with Wm. Wrigley Jr. (WWY ), according to the Wall Street Journal. The trust, which had directed Hershey to pursue a sale, was under pressure to abandon the sale from local officials, alumni of the Milton Hershey School, and politicians, according to press reports. (9/18)
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