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US: Snack giant makes $23 Billion takeover bid for Hershey

By  |  June 30, 2016

Mondelez International has made a roughly $23 billion bid for chocolate giant Hershey in what would be a blockbuster deal uniting two of the world’s best-known candy makers.

Mondelez, which makes Oreo cookies and Cadbury chocolate bars, recently sent a letter to Hershey proposing the tie-up at $107 a share, according to people familiar with the matter. The bid is 50% cash and 50% stock, they said.

Hershey promptly rejected the approach, saying its board determined the expression of interest provided no basis for further discussion with Mondelez.

The maker of eponymous Kisses and chocolate bars had a $21 billion market value Thursday ahead of the report. Mondelez had a $69 billion market value.

Any sort of deal would be contingent on the approval of the Hershey Trust, which holds 8.4% of the famous company’s common stock and 81% of its voting power.

Full Content: The Wall Street Journal

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