Investing.com – Hershey jumped more than 20% to a record high on Thursday on a report that it had received a takeover bid.
Mondelez International had made an offer for the snack foods company, according to the Wall Street Journal report.
The talks appeared to have been ongoing, according to sources familiar with the matter cited by CNBC.
Hershey’s shares hit a record high at $117.79 after the report was made.
At 14:49GMT, or 10:49AM ET, gains had pared and the stock was rising 19.00% to $115.58.