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Hershey rejects $23 billion Mondelez takeover offer
Last edited Thu Jun 30, 2016, 03:26 PM - Edit history (1)
EDIT: Article updated at linkSource: Reuters
Original Headline: Mondelez makes $23 billion takeover bid for Hershey: source
Business | Thu Jun 30, 2016 2:44pm EDT
Hershey rejects $23 billion Mondelez takeover offer
BY LAUREN HIRSCH
Hershey Co (HSY.N) said on Thursday it had rejected a $23 billion preliminary offer by Mondelez International Inc (MDLZ.O) that would seek to expand the latter's U.S. footprint and create the world's largest confectioner.
The snub underscores the challenges Mondelez faces in wooing Hershey's controlling shareholder, the Hershey Trust, a $12 billion endowment created by the eponymous company's founder a century ago.
"The board of directors of the company unanimously rejected the indication of interest and determined that it provided no basis for further discussion between Mondelez and the company," Hershey said in a statement.
A merger of two of the world's top five candy makers would bring Hershey's strong U.S. business to Mondelez's global footprint. The combined company would leapfrog Mars Inc, which has 13.3 percent of the global market, according to data firm Euromonitor International Ltd.
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Hershey rejects $23 billion Mondelez takeover offer
BY LAUREN HIRSCH
Hershey Co (HSY.N) said on Thursday it had rejected a $23 billion preliminary offer by Mondelez International Inc (MDLZ.O) that would seek to expand the latter's U.S. footprint and create the world's largest confectioner.
The snub underscores the challenges Mondelez faces in wooing Hershey's controlling shareholder, the Hershey Trust, a $12 billion endowment created by the eponymous company's founder a century ago.
"The board of directors of the company unanimously rejected the indication of interest and determined that it provided no basis for further discussion between Mondelez and the company," Hershey said in a statement.
A merger of two of the world's top five candy makers would bring Hershey's strong U.S. business to Mondelez's global footprint. The combined company would leapfrog Mars Inc, which has 13.3 percent of the global market, according to data firm Euromonitor International Ltd.
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Read more: http://www.reuters.com/article/us-hershey-m-a-mondelez-intl-idUSKCN0ZG24O
