The Hershey Company rejected a takeover bid Thursday from rival chocolate company and Oreo manufacturer Mondelez International.
Hershey confirmed it received a preliminary offer of interest from Mondelez to acquire the company for a mix of cast and stock totaling $107 for each share of Hershey stock. The value of the deal was approximately $22.3 billion, according to the Associated Press.
Hershey says it’s board of directors, after receiving input from the company’s management and its outside financial and legal advisors, carefully evaluated the indication of interest. Following the review, the board rejected the offer, concluding it “provided no basis for further discussion” between the companies.
Mondelez declined comment to the AP on whether it would submit a new offer to the Pennsylvania-based company.