Hershey Trust Co., which has about 80% of Hershey’s (HSY) voting power, rejected a preliminary takeover offer from Mondelez (MDLZ), Crystal Tse, Dinesh Nair and Michelle Davis of Bloomberg report, citing people familiar with the matter. The move potentially ends Mondelez’s takeover pursuit, Bloomberg adds. Hershey Trust turned down the bid as too low, sources told the news agency. Shares of Hershey are down 5% to $178.31 in morning trading. The stock fell earlier when Mondelez announced a new share repurchase authorization and said it “remains committed to an acquisition strategy that is focused on bolt-on assets.”
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Read More on HSY:
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