The main owner of US chocolate maker Hershey Co., Hershey Trust Co., has rejected a preliminary takeover offer from Mondelez International Inc., potentially ending the pursuit of a massive food giant. The bid, which valued Hershey at around $80 billion, was deemed too low by the trust. The decision marks a setback for Mondelez’s plans to acquire Hershey, with the company announcing a buyback program and focus on smaller deals instead. Securing the trust’s backing is crucial for any deal, as they own nearly all of Hershey’s Class B stock.
Source: https://www.bloomberg.com/news/articles/2024-12-11/hershey-s-main-owner-said-to-reject-mondelez-s-offer-as-too-low