Hershey Foods (HSY) Won't Comment on Today's Market Rumor

June 9, 2016 12:10 PM EDT

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Hershey Foods (NYSE: HSY) offered no comment on rumors in the market Thursday that it was the target of a takeover bid from Nestle.

"As a matter of company policy, we do not comment on market speculation related to mergers and acquisitions," a company spokesperson told StreetInsider in an e-mail.

The rumor, while unsubstantiated, had shares of Hershey up over 3% earlier. In addition, options trading was highly active.

Shares have since moved off the morning highs and were last up 1.8%.

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