Thursday, June 30, 2016

Candy Company Makes Bid to Buy Hershey

The Wall Street Journal has reported that the candy company, Mondelez International, has made a takerover bid to the Hershey Company.

Mondelez is the company that also owns Oreo and Cadbury.

When the announcement was made Thursday morning, Hershey's stock reportedly grew 20% with rumors of the "Blockbuster Deal".

The bid would have be approved by the Hershey Trust which owns 81 percent of the Hershey Company.

Hershey is reportedly worth $21 Billion with Mondelez being worth over $60 Billion.

UPDATE (2:30PM) - The Hershey Company has announced that the board has unanimously rejected a takeover offer and that it provided "no basis for further discussion."

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