The Big Food industry saw a mega deal get rejected on Thursday. Chocolate maker Hershey’s board firmly rejected a $23 billion cash-and-stock offer from snacking giant Mondelez . A potential deal would have united Hershey’s namesake chocolates, Reese's, and Kisses with Mondelez’s Nabisco, Oreo, and Cadbury. Mondelez mdlz , which ranks No. 94 on the Fortune 500 , generates $29.6 billion in revenue while No. 362-ranked Hershey booked $7.4 billion in revenue. Impressively, Mondelez has seven “billion dollar brands,” as well as 51 brands that generate $100 million or more annually. For now, Hershey hsy has rejected the offer , saying the board and executive management team has “determined that it provided no basis for further discussion between Mondelez and the company,” but there’s still a lot to be said about what this deal could mean. Fortune has dived into five important points. brightcove.createExperiences(); 1. Investors are still hopeful for a Hershey takeover The deal price is valued at $107 a share and even with Hershey’s move to reject the bid, investors are hopeful an eventual takeover is successful. The stock ended Thursday’s trading at $113.46, up 17% for the day and the highest value ever for the company. Hope for more consolidation in the food industry led to notable stock gains on Thursday for a number of players in the space, including General Mills gis , Kellogg k , B&G Foods bgs , and fellow chocolate maker Tootsie
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