Mondelez International is reportedly attempting a buyout of chocolate maker Hershey’s.
The Illinois-based snack and candy maker sent a proposal letter to Hershey, the Wall Street Journal reported Thursday, citing unnamed sources.
Terms of the proposal were unclear, but the deal could be well north of $21 billion, Hershey’s market value as of Thursday morning, according to The Journal.
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The Hershey Trust, which commands a supermajority of shareholder votes, previously has been opposed to selling, The Journal reported.
Following the news, both Hershey Company and Mondelez stock have been trading up in value, with Hershey’s stock reportedly reaching a record high.
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