Hershey Rejects $23 Billion Bid From Mondelez
The board of the Hershey Company, the US-based confectionery giant, has unanimously rejected a preliminary, non-binding indication of interest from Mondelēz International to acquire the company for a mix of cash and shares, totalling $107 a share of Hershey common stock. The board concluded that the $23 billion approach provided no basis for further discussion between Mondelēz and Hershey.
The Hershey Company employs 21,000 people around the world and has more than 80 brands that generate over $7.4 billion in annual sales. Its portfolio includes such iconic brand names as Hershey’s, Reese’s, Hershey’s Kisses, Jolly Rancher, Ice Breakers and Brookside. Building on its core business, Hershey is expanding its portfolio to include a broader range of snacks. The company is focused on growing its presence in key international markets while continuing to extend its competitive advantage in North America.
