UPDATE: Hershey Foods (HSY) Active on Unconfirmed Takeover Rumors

September 23, 2016 10:39 AM EDT

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(Updated - September 23, 2016 10:43 AM EDT)

Hershey Foods (NYSE: HSY) spiked Friday as rumors about a potential deal with Mondelez (NASDAQ: MDLZ) resurfaced. Chatter suggested the two sides are back at the negotiating table.

(Note: In August Mondelez said “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.”

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