HERSHEY, Pa. (WHTM) – The Hershey Company’s board of directors has rejected a takeover bid from snack-food giant Mondelez International Inc.
The company issued a statement Thursday that said the board unanimously rejected an indication of interest from Mondelez and determined that it provided “no basis for further discussion.”
Hershey confirmed it received a preliminary, non-binding indication of interest from Mondelēz to acquire the company for a mix of cash and stock consideration, totaling $107 a share of Hershey common stock. The company said the indication of interest also included other non-monetary considerations.
The Wall Street Journal, citing people familiar with the matter, reported that Mondelez in its $23 billion offer pledged to protect jobs, locate its global chocolate headquarters in Hershey, and rename the company Hershey.
A takeover would have brought together two of the world’s largest snack and candy makers.
Illinois-based Mondelez’s brands include Oreo, Chips Ahoy!, Ritz, Nabisco, Trident, Dentyne, Chiclets, Halls, Stride, and Cadbury. The company split from Kraft Foods in 2012.