The Hershey Co. Board of Directors on June 30 rejected an offer from Mondelēz International to buy the company. Hershey confirmed that it had received a preliminary, non-binding indication of interest from Mondelēz International 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. The total offer was approaching $23 billion.
The Hershey board, 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 unanimously rejected the indication of interest and determined that it provided no basis for further discussion between Mondelēz and Hershey
Hershey ended the news release by noting the company’s “Board of Directors and management team are committed to enhancing value for all stockholders in accordance with the company’s strategic plan.”