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."
Story from Pennlive.com
http://www.pennlive.com/news/2016/06/maker_of_oreos_cadbury_bidding.html#incart_big-photo