UPDATE: Mondelez (MDLZ) Raised Hershey Foods (HSY) Bid to $115/Share Before Abandoning Pursuit - DJ

August 29, 2016 4:40 PM EDT

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(Updated - August 29, 2016 4:46 PM EDT)

Mondelez (Nasdaq: MDLZ) raised its bid for Hershey Foods (NYSE: HSY) to $115 per share last week prior to giving up on efforts to acquire the company, according to Dow Jones, citing sources.

The report stated that Hershey said discussions would need to begin at $125 per share. It also said a deal couldn't take place before its trust board was reconstituted, which likely won't happen until next year.

Mondelez after the market close announced that it ended discussions to acquired the company.

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