Hershey rejects $23B Mondelez takeover offer

Hershey rejected a $23 billion takeover bid by Mondelez International.

Shares of Hershey yesterday traded above Mondelez's bid of $107 per share in cash and stock, indicating investors expected a new offer.

"The board of directors of the company unanimously rejected the indication of interest and determined that it provided no basis for further discussion between Mondelez and the company," Hershey officials said in a statement.

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