Hershey’s Main Owner Rejects Mondelez’s Offer as Too Low
The main owner of US chocolate maker Hershey Co. has rejected a preliminary takeover offer from Mondelez International Inc., people familiar with the matter said, potentially ending a fresh pursuit that would’ve created a food giant with combined sales of almost $50 billion.
Hershey shares were trading lower after Mondelez International offered insight on how it wants to build its business.
Reports from a variety of sources confirm that Mondelez—the owner and maker of Oreo and Cadbury—approached the Hershey Company about an acquisition.
Hershey shares fell as traders digested updates suggesting that it was unlikely to merge with Mondelēz International.
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