Hershey

Hershey’s Main Owner Rejects Mondelēz’s Offer As Too Low – Bloomberg

Hershey’s main controlling owner has rejected Mondelēz International’s takeover offer, saying it was too low, Bloomberg News has reported.

Mondelēz International is exploring the acquisition of chocolate-maker Hershey, Bloomberg News reported on Monday.

Hershey trimmed its annual revenue and profit forecast after missing Wall Street estimates for the third-quarter, as price hikes hurt demand.

A spokesperson for Hershey said on Thursday that the chocolate maker laid off a small number of its employees this week.

Shares at Kellanova surged 18% in early trading on Monday after a Reuters report said Mars was exploring a potential buyout of the company.

Hershey cut its annual profit forecast on Thursday and posted a near 17% drop in quarterly sales, highlighting cautious consumer spending.

Mondelēz International missed expectations for second-quarter revenue on as budget-conscious customers opted for lower-priced alternatives.

Hershey exceeded Wall Street expectations for first-quarter sales and profit on higher prices and steady consumer demand.

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