Why Did Hershey Reject $23B Takeover Bid From Mondelez?

Mondelez International made a strategic bid for Hershey to gain more exposure in the US market, as their efforts in emerging markets have not met expectations. Hershey, which controls the US license for Kit Kat, rejected the offer due to the Hershey Trust's significant voting power. Despite the rejection, Hershey's shares rose, indicating investor interest. Mondelez may continue to explore US opportunities, signaling a shift in their market strategy.

In what ways are US consumers changing their chocolate purchasing habits?

What impact did the rejection of Mondelez's offer have on Hershey's stock performance?