08-30-2016, 06:17 AM
Mondelez International No Longer Pursuing Combination with Hershey
DEERFIELD, Ill., Aug. 29, 2016 (GLOBE NEWSWIRE) -- Mondelēz International,
Inc. (NASDAQ:MDLZ) today announced it has ended discussions with The Hershey
Company regarding a possible combination of the two companies.
“As the world’s leading snacking company, we remain focused on
successfully executing our strategy to deliver both sustainable top-line
growth and significant margin expansion and are well-positioned to continue to
deliver value to our shareholders,” said Chairman and CEO Irene Rosenfeld.
“Our proposal to acquire Hershey reflected our conviction that combining our
two iconic American companies would create an industry leader with global
scale in snacking and confectionery and a strong portfolio of complementary
brands. Following additional discussions, and taking into account recent
shareholder developments at Hershey, we determined that there is no actionable
path forward toward an agreement. While we are disappointed in this outcome,
we remain disciplined in our approach to creating value, including through
acquisitions, and confident that our advantaged platform positions us well for
top-tier performance over the long term.”
HSY down 11% and falling after hours.
"And maybe someday we will find , that it wasn't really wasted time"