Mondelēz International, Inc. is no longer looking to join business with The Hershey Company.
The two have been in discussions since the latter rejected the former’s $23 billion bid back in June, but Mondelēz announced publically that those have now ceased.
"As the world's leading snacking company, we remain focused on successfully executing our strategy to deliver both sustainable top-line growth and significant margin expansion and are well-positioned to continue to deliver value to our shareholders," Irene Rosenfeld, Chairman and CEO of Mondelēz, said, according to a press release. "Our proposal to acquire Hershey reflected our conviction that combining our two iconic American companies would create an industry leader with global scale in snacking and confectionery and a strong portfolio of complementary brands."
Rosenfeld commented that, following additional discussions and taking into account recent shareholder developments at Hershey, the company found that there is "no actionable path forward toward an agreement."
Hershey’s made a similar statement earlier this summer that Mondelēz's offer had not provided a basis for further discussion.
"While we are disappointed in this outcome, we remain disciplined in our approach to creating value, including through acquisitions, and confident that our advantaged platform positions us well for top-tier performance over the long term," Rosenfeld concluded.
With this now off the table, will Mondelēz be looking to other areas for growth? Deli Market News will keep you up to date on the latest.