Hershey says it has rejected Mondelez takeover bid

US chocolate maker Hershey said today it had rejected a preliminary takeover bid of about USD 23 billion from food giant Mondelez, whose brands include Cadbury.

The Hershey board of directors said it "carefully reviewed" a bid of USD 107 per share for the company and "determined that it provided no basis for further discussion between Mondelez and the company.