Mondelez says it won’t buy Hershey, and Hershey’s shares are crashing.
Mondelez had made an offer to acquire the candymaker.
In a statement on Monday, Mondelez CEO Irene Rosenfeld said, “following additional discussions, and taking into account recent shareholder developments at Hershey, we determined that there is no actionable path forward toward an agreement.”
Hershey shares fell by as much as 9% in after-hours trading.
More to come …