7/1/16
by News Department on 07/01/16Bid to buy Hershey is rejected...
The Hershey board has rejected a bid, from the Mondelez Company, to sell the iconic Hershey Co.
According to Fortune, Mondelez, the maker of Oreos and Cadbury, had reportedly offered a bid to buy a controlling stake of the Derry Twp.-based chocolate company.
The news, first reported in the Wall Street Journal, sent Hershey stock prices soaring during trading on Thursday, with the Wall Street Journal stating that the takeover would be "a blockbuster deal".
Hershey's market value was $21 billion Thursday morning, said the report, and Mondelez is valued at $69 billion.
Hershey Trust which controls 81 percent of the voting power of Hershey Company, and owns 8.4 percent of common stock, rejected the bid unanimously according to the report.
