Reports of a Takeover Send Hershey Stock Soaring | Global News Avenue

Hershey (HSY) On Monday, snack food giant Mondelez International (Yideliz), watching get A chocolate company based in the United States.

Mondelez is exploring take overbut the process is still in its preliminary stages and the deal may not materialize, Bloomberg the report said. The report did not provide financial details about Hershey’s potential takeover bid. Hershey’s market capitalization is more than $35 billion, according to Visible Alpha.

In 2016, Hershey rejected another offer from Mondelēz International, which makes candies like Cadbury chocolates and Oreo cookies, as well as salty snacks like Wheat Wafers and Ritz crackers.

News drives Hershey shares higher

Mondelēz spokesperson Tracy Noe said the company does not comment on “market rumors and speculation.” Hershey did not immediately respond to a request for comment.

hershey stock Mondelez shares rose about 13%, while Mondelez shares fell about 2%. Before news of the potential acquisition broke on Monday, Hershey’s shares had fallen about 6% so far this year.

The chocolate company’s shares are up about 6% this year. hershey Forecast for 2024 revised down About a month ago, it cited high cocoa prices and relatively low demand for its kisses and other snacks.