Hershey snubs initial bid from Mondelez

Hershey Co snubbed a preliminary takeover offer from Mondelez International Inc for $107 a share in cash and stock, turning down a deal that would have created the world's largest candy company.

The offer, which would have valued the company at about $23 billion, was rejected unanimously, according to a statement on Thursday. Hershey's stock pared its earlier gains after the company released the remarks, though the shares remain near an all-time high - a sign investors are still holding out hope for a deal.

"The company's board of directors, after receiving input from the company's management and its outside financial and legal advisers, carefully evaluated the indication of interest," Hershey, which is controlled by a family trust, said in the statement. The board and management "are committed to enhancing value for all stockholders in accordance with the company's strategic plan".