Hershey Co. said it rejected a takeover offer from Oreo maker Mondelez International Inc. that would bring some of the world's best-known cookies and chocolates under one company.
The company confirmed it received a preliminary offer from Mondelez for a mix of cash and stock totaling $107 a share of Hershey common stock. That would value the deal at roughly $22.3 billion, according to FactSet.
Hershey said Thursday before markets closed that its board determined the offer provided “no basis for further discussion.” Any deal would be subject to the approval by the Hershey Trust, a controlling shareholder.
The Wall Street Journal, citing sources it did not name, had...