Advertisement

Snack-maker Mondelez drops bid to merge with Hershey's

By Doug G. Ware

DEERFIELD, Ill., Aug. 29 (UPI) -- After months of negotiations, Mondelez International, one of the world's leading snack companies, announced Monday it is no longer pursuing a merger with the Hershey Company.

The two companies had discussed a possible joining of forces for months but Hershey rejected a takeover bid worth $107 per stock share in June.

Advertisement

"As the world's leading snacking company, we remain focused on successfully executing our strategy to deliver both sustainable top-line growth and significant margin expansion and are well-positioned to continue to deliver value to our shareholders," Mondelez Chairman and CEO Irene Rosenfeld said in a statement Monday. "Following additional discussions, and taking into account recent shareholder developments at Hershey, we determined that there is no actionable path forward toward an agreement."

Mondelez is best known as the maker of Oreo and Chips Ahoy! cookies along with Triscuit crackers and Nabisco snack foods.

"While we are disappointed in this outcome, we remain disciplined in our approach to creating value, including through acquisitions, and confident that our advantaged platform positions us well for top-tier performance over the long term," Rosenfeld added.

Advertisement

Video: Bloomberg

Latest Headlines

Advertisement

Trending Stories

Advertisement

Follow Us

Advertisement