US confectionery giant Hershey Foods is mulling a move to put itself up for sale in a deal that could reach US$10bn, it emerged recently.
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The Wall Street Journal reported that Hershey’s corporate board met Wednesday evening to discuss its future options and give a cautious green light to approaching potential buyers, but noted that nothing is set in stone since the stock market is extremely volatile and Hershey’s employees have yet to express a reaction to a potential sale.
A sale, however, could free up the Milton Hershey School Trust, which controls Hershey with 31.4% of its outstanding common shares and 76% of its voting stock, to diversify its assets.
If the Hershey, Pennsylvania-based firm goes up for auction, it would become the focus of the largest bidding war over a food company since Nabisco Holdings was offered to buyers two years ago.
Giants such as Kraft, Nestlé, PepsiCo and Cadbury Schweppes have been touted as potential bidders due to their current eagerness to expand their snack food operations.
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By GlobalData
