The Presidential Daily Brief

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    Hershey Rejects $23 Billion Takeover Bid

    Kiss that deal goodbye. Snack giant Mondelez International, owner of rival Cadbury, made the iconic American chocolate maker a sweet offer: $23 billion dollars to merge and create the world’s biggest confectioner. But though Mondelez reportedly pledged to take Hershey’s name and move the combined headquarters to its Pennsylvania hometown, the chocolatier didn’t sugar-coat its unanimous refusal. Hershey’s stock closed Thursday at an all-time high anyway, signaling investor confidence that another deal could still happen — but any suitor will have to sweet-talk the buyout-resistant family trust.

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