Mondelez (MDLZ) Leaves Door Open to Future Hershey (HSY) Deal After CEO Change
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Mondelez Int'l (NASDAQ: MDLZ) responded to questions from StreetInsider about if recent changes at The Hershey Company (NYSE: HSY), including today's news that Chairman/President/CEO, John P. Bilbrey, will retire next year, will prompt it to take another look at a merger with the chocolate giant.
Mondelez said after additional discussions, and taking into account recent developments in The Hershey Company’s shareholder base, they determined there is not an actionable path forward. Mondelez said it is confident in their growth strategy and cannot comment beyond that.
The response, while suggesting a deal is not imminent, clearly left the door open to the possibility of a future deal - although they put the ball squarely in Hershey's court.
Below is the response:
We announced on August 29 that we were no longer pursuing a combination with The Hershey Company. After additional discussions, and taking into account recent developments in The Hershey Company’s shareholder base, we determined there is not an actionable path forward. We are confident in our growth strategy and must continue to remain focused on controlling what we can control – including delivery of our 2016 plans.
We’re confident that our advantaged platform positions us well for top-tier performance over the long term. We are one of few industry players positioned to deliver strong, sustainable, growth on both the top and bottom lines… that’s our point of difference.
Beyond that, we cannot comment.
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