Sale of Hershey Needs Court OK, Judge Says
A judge blocked any sale of Hershey Foods Corp. without court approval, after Pennsylvania officials said a sale would cause “irreparable harm” to the candy maker’s home community.
The judge issued a temporary order barring sale of the biggest U.S. chocolate-candy maker without court approval and notification of the state attorney general.
The charitable trust that controls Hershey said in July that it would put the maker of Hershey’s Kisses up for sale to diversify its more than $5 billion in holdings.
One potential buyer is Nestle, which said last week that it hadn’t ruled out making an offer for Hershey.
Milton Hershey Trust spokesman Rick Kelly said the trust is disappointed with the court’s decision and intends to appeal it.
A spokeswoman for the candy maker declined to comment.
Hershey shares fell $3.09, or 4.09%, to $72.51 on the New York Stock Exchange.
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