Major Stockholder Explores Hershey Sale
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Hershey Foods Co. said the charitable foundation holding a controlling stake in the largest U.S. candy and chocolate maker is exploring a sale of the company.
The decision to put the company on the block comes after the Milton Hershey School Trust, which owns about a third of Hershey’s stock but controls 77% of the voting power, rejected management’s proposed alternatives to a sale, Hershey said.
Chief Executive Richard Lenny said the Hershey board would have preferred to keep the company independent, but will cooperate with the trust in the effort to find a buyer. The company has hired investment bankers UBS Warburg and the law firm Sullivan & Cromwell to advise it.
Hershey shares soared $15.80 to $78.30 on the New York Stock Exchange.
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