Mondelez, the $67 billion maker of Oreos and Cadbury eggs, said late Monday that it's giving up on takeover discussions with rival confectioner Hershey. That's not great news for investors in the would-be target, who are now facing a return to Hershey's flatlined stock price and slow-growth future. But Mondelez shareholders should be happy that in the end, it didn't get its treat.
The snackmaker had reportedly raised its offer for Hershey to $115 a share last week. That's roughly 7.5 percent more than Mondelez's initial cash-and-stock proposal, itself a pretty meager premium that was almost automatically rejected by Hershey. The chocolate company was said to have wanted a bid...
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