US Candy Company Hershey Rejects USD 107/Share MondelA"z Approach.
1 July 2016 - US-based confectionery company The Hershey Company (NYSE: HSY) has rejected a preliminary, non-binding indication of interest from US-based confectionery, food and beverage conglomerate MondelA"z International (NASDAQ: MDLZ) to acquire the company for a mix of cash and stock consideration, totaling USD 107 a share of Hershey common stock, the company said.
This would equate to a USD 23bn deal. Hershey said that the indication of interest also included other non-monetary considerations.
Hershey's board of directors, after receiving input from the company's management and its outside financial and legal advisors, evaluated the indication of interest.
Following this review, the board of directors of the company unanimously rejected the indication of interest and determined that it provided no basis for further discussion between MondelA"z and the company.
The company's board of directors and management team are committed to enhancing value for all stockholders in accordance with the company's strategic plan.
Hershey offers chocolate, sweets, mints and other snacks.
The company has approximately 21,000 employees around the world who work every day to deliver delicious, quality products.
Hershey has more than 80 brands around the world that drive more than USD 7.4bn in annual revenues, including such brand names as Hershey's, Reese's, Hershey's Kisses, Jolly Rancher, Ice Breakers and Brookside.
Target: The Hershey Company
Buyer: MondelA"z International
Deal size in USD: 23bn
Type: Corporate Acquisition
Financing: Cash and Stock
Buyer advisor: , ,
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|Publication:||M & A Navigator|
|Date:||Jul 1, 2016|
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