Hershey sale resistance may melt on upped bid

20 July 2016 - 12:00 am UTC

15 July 2016 – The philanthropic trust controlling The Hershey Company (NYSE:HSY) does not have the same reasons in 2016 to reject a bid for the Pennsylvania company as it has in the past, a local trust attorney said.

The local political climate in the Keystone State is very different than during previous takeover attempts of the venerable candy group, said the attorney. The USD 12bn Hershey Trust Company is currently under investigation by the state attorney general.

Late last month, Hershey’s board of directors rejected a takeover bid by Mondelez (NASDAQ: MDLZ). Hershey has turned to JPMorgan for advice on the situation. Centerview Partners and Goldman Sachs are advising Mondelez, industry bankers said.