Hershey unanimously rejects takeover bid from snack giant

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.

Get breaking news, weather and traffic on the go. Download the ABC27 News App and the ABC27 Weather App for your phone and tablet.

1 thought on “Hershey unanimously rejects takeover bid from snack giant

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s