Board of Directors of The Hershey Company Unanimously Rejected Preliminary, Non-Binding Indication of Interest from Mondelēz Company

HERSHEY, Pa.--(BUSINESS WIRE)-- The Hershey Company (NYSE: HSY) (the “Company”) today confirmed that it had received a preliminary, non-binding indication of interest from Mondelēz International (Nasdaq: MDLZ) (“Mondelēz”) to acquire the Company for a mix of cash and stock consideration, totaling $107 a share of Hershey common stock. The indication of interest also included other non-monetary considerations.

The Company’s Board of Directors, after receiving input from the Company’s management and its outside financial and legal advisors, carefully evaluated the indication of interest. Following this review, the Board of Directors of the Company unanimously rejected the indication of interest and determined that it provided no basis for further discussion between Mondelēz and the Company.

The Company’s Board of Directors and management team are committed to enhancing value for all stockholders in accordance with the Company’s strategic plan.

About The Hershey Company

The Hershey Company, headquartered in Hershey, Pa., is a global confectionery leader known for bringing goodness to the world through its chocolate, sweets, mints and other great-tasting snacks. Hershey has approximately 21,000 employees around the world who work every day to deliver delicious, quality products. The company has more than 80 brands around the world that drive more than $7.4 billion in annual revenues, including such iconic brand names as Hershey's, Reese's, Hershey's Kisses, Jolly Rancher, Ice Breakers and Brookside. Building on its core business, Hershey is expanding its portfolio to include a broader range of delicious snacks. The company remains focused on growing its presence in key international markets while continuing to extend its competitive advantage in North America.

At Hershey, goodness has always been about more than delicious products. For more than 120 years, Hershey has been committed to operating fairly, ethically and sustainably. Hershey founder, Milton Hershey, created the Milton Hershey School in 1909 and since then the company has focused on giving underserved children the skills and support they need to be successful. Today, the company continues this social purpose through 'Nourishing Minds,' a global initiative that provides basic nutrition to help children learn and grow. From neighborhoods across the United States to the streets of Shanghai and Mumbai and villages of West Africa, our goal is to nourish one million minds by 2020.

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View source version on businesswire.com: http://www.businesswire.com/news/home/20160630006177/en/

The Hershey Company
Jennifer Sniderman, 717-534-6275
[email protected]

Source: The Hershey Company

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