According to a report in Business Week, US confectioner Hershey could be up for grabs if the price is right.
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In 2002, the sale of Hershey looked to be a distinct possibility with Wrigley offering US$44.50 per share for the company and Nestlé and Cadbury Schweppes making an all-cash joint offer of $35 per share. But the US chocolate manufacturer backed away from the deal under pressure from Pennsylvania lawmakers.
Now, with stock trading at $52, Business Week has reported that a sale could be back on the cards.
“There is talk that Hershey could get a new bid, and it may be difficult to resist,” Michael Metz of Oppenheimer, told the publication. “With institutional investors no longer passive, management can’t turn down an offer without risking a bruising proxy battle.”
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