The Hershey Co.’s Board has unanimously rejected interest from Mondelēz to acquire it.
The Hershey Co.says it received a preliminary, non-binding indication of interest from Mondelēz Int’l. to acquire the Company for a mix of cash and stock consideration, totaling $107 a share of Hershey common stock. The indication of interest also included other non-monetary considerations.
However, Hershey’s Board of Directors — after receiving input from Hershey’s management and its outside financial and legal advisors — carefully evaluated the indication of interest. And, following this review, the Board unanimously rejected the indication of interest and determined that it provided no basis for further discussion between Mondelēz and Hershey.
Hershey says its Board and management team are committed to enhancing value for all stockholders in accordance with the Company’s strategic plan.
Hershey, headquartered in Hershey, Pa., is a global confectionery leader known for its chocolate, sweets, mints and other great-tasting snacks.