Mondelēz International recently indicated interest in purchasing The Hershey Co., but Hershey has rejected its proposal.
The Hershey Co. has confirmed that Mondelēz International presented Hershey with a preliminary, non-binding indication of interest to acquire the company.
Within the indication of interest, Mondelēz International proposed the acquisition of 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.
Hershey’s Board of Directors, after receiving input from the company’s management and its outside financial and legal advisors, carefully evaluated the indication of interest. Following this review, the Board of Directors of the company unanimously rejected the indication of interest and determined that it provided no basis for further discussion between Mondelēz and the company.
Hershey’s Board of Directors and management team are committed to enhancing value for all stockholders in accordance with the company’s strategic plan.