HALISTER: Hershey Unaminously Rejects Indication of Interest From Mondelez

Hershey Unaminously Rejects Indication of Interest From Mondelez

(Bloomberg) -- Hershey confirms it received preliminary, non-binding indication of interest from Mondelēz to acquire co. for mix of cash, stock consideration, totaling $107/share of HSY stock.
  • Indication of interest also included other non-monetary considerations
  • Board determined that it provided no basis for further discussion between MDLZ/co.
  • HSY halted; had been up as much as 21% to record high; MDLZ pares gain, up 3.7%
  • NOTE: Hershey trust owns 100% of Class B shares which hold 10 voting rights per share: Bloomberg data
  • NOTE: Earlier, Mondelez Said to Bid $107/Shr for Hershey, CNBC’s David Faber
    • Hershey Value Said to be Reduced by $3b Without KitKat: WSJ
    • Packaged Food Index Rises to Record Amid Hershey M&A Talk
  • NOTE: May 2, Penn. Office of AG is seeking resignation of 3 long-standing board members of Milton Hershey School Trust by July 31, according to letter obtained by The Philadelphia Inquirer
    • AG’s office, which has perviously investigated the trust, still has concerns about how trust is being managed, article said
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
HSY US (Hershey Co/The)
MDLZ US (Mondelez International Inc)

People
Milton Hershey (Hershey Co/The)
David Faber (CNBC Inc)

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