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The Hershey Co.’s board of directors has unanimously rejected a preliminary, nonbinding indication of interest from Mondelēz International to acquire Hershey for a mix of cash and stock consideration, totaling $107 a share of Hershey common stock. The indication of interest also included other nonmonetary considerations.
The board reached its decision after careful evaluation, having received input from the Hershey’s management and outside financial and legal advisers, and determined that the proposal provided no basis for further discussion between Deerfield, Ill.-based Mondelēz and Hershey.
"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," Hershey noted in a statement.
As reported by The Wall Street Journal, Mondelez proposed the deal in a letter, pledging to protect jobs in the event of a merger and move its own chocolate headquarters to Hershey, Pa.