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Hershey Board Rejects $23 Billion Takeover Bid From Mondelez

  • Pennsylvania chocolate company is controlled by family trust
  • Hershey stock remains elevated after paring earlier gains
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Why Did Hershey Reject $23B Takeover Bid From Mondelez?

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Hershey Co. snubbed a preliminary takeover offer from Mondelez International Inc. for $107 a share in cash and stock, turning down a deal that would have created the world’s largest candy company.

The offer, which would have valued the company at about $23 billion, was rejected unanimously, according to a statement Thursday. Hershey’s stock pared earlier gains after the company released the remarks, though the shares still closed at an all-time high -- a sign investors are still holding out hope for a deal. Hershey rose 21 percent to $117.79 in New York.