Cookie and snack giant Mondelez has made a preliminary takeover approach for Hershey, according to people familiar with the matter, a combination that would create one of the largest food and beverage businesses in the world.
Shares of the legacy chocolate maker shot up more than 10% on the news. Mondelez made a previous takeover bid for Hershey in 2016, which the company rebuffed.
Hershey hired advisors to help it respond to the interest, said one of the people. Mondelez made the approach shortly after Hershey reported third-quarter earnings that missed analyst expectations last month, said the person.
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