The Hershey Trust has remained silent on reports that it has sought banking advice over a potential bid to rival Kraft Foods’ move for UK confectioner Cadbury.
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A spokesperson for the trust, which holds voting control of Hershey, said that the group would not comment on “rumour” or “market speculation”.
According to a report in the Wall Street Journal, the trust has hired former Goldman Sachs banker Byron Trott along side banking firm Watch Hill Partners to advise on a possible Cadbury offer.
Last week, Kraft proposed a cash and stock offer for Cadbury, which valued the Dairy Milk maker at GBP10.2bn (US$16.6bn).
However, Cadbury rejected the proposal, insisting it “fundamentally undervalues” the business.
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