Nuts to that – Hershey Co. rejects takeover offer
NEW YORK — Hershey on Thursday rejected a takeover offer from Oreo maker Mondelez that would bring some of the world’s best known cookies and chocolates under one company.
It confirmed receiving a preliminary offer from Mondelez for a mix of cash and stock totaling $107 for each share of Hershey Co. common stock. That would value the deal at roughly $22.3 billion, according to FactSet.
Hershey said that, following a review, its board determined the offer provided “no basis for further discussion.” A deal would be subject to approval by the Hershey Trust, a controlling shareholder.
A spokeswoman for Mondelez, Valerie Moens, declined to comment on whether the company would make a new offer.
The Wall Street Journal, citing sources it did not name, had reported earlier in the day that Mondelez told Hershey it would take the chocolate maker’s name and move its global headquarters to Hershey, Pennsylvania. Hershey’s shares surged following the report, and closed up nearly 17 percent at $113.49.
Mondelez shares closed up almost 6 percent at $45.51.
