Hershey rejects Mondelez buyout interest, says it provided no basis for further talks

Hershey Co. said its board of directors "unanimously rejected" Mondelez International Inc.'s buyout bid, and said in a statement that "it provided no basis for further discussion between Mondelez and the company." The company said the board came to its decision after evaluating the bid, after receiving input from management and its outside financial and legal advisors. Hershey confirmed that Mondelez offered to pay $107 for each Hershey share, through a mix of cash and stock. The bid also included other non-monetary considerations, Hershey said. Hershey's stock rose 15% in afternoon trade prior to a trading halt, which put it on track for a record close. It was up as much as 21% earlier in the session.

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