On June 30, snack foods giant Mondelez (NASDAQ: MDLZ) made a $23 billion bid for chocolate maker Hershey (NYSE: HSY). Hershey’s board unanimously rejected the $107 per share offer, which represented a 10% premium to its closing price before the bid.
That decision wasn’t surprising, since Hershey has rejected numerous takeover offers in the past. But could Mondelez, which owns well-known staples like Oreo, Chips Ahoy, and Cadbury, eventually sweeten the offer to the point that Hershey agrees to a deal?