Report of Another Mondelez Takeover Attempt Boosts Hershey Stock Price

• Oreo maker Mondelez is reportedly trying to buy Hershey.
• In 2016, Hershey's board turned down the $23 billion snacking company's offer.
• This year, Hershey's shares have been negatively impacted by worries about GLP-1 drugs and rising cocoa prices.

During Monday morning trading, shares of climbed as much as 15% after Bloomberg reported that is attempting another takeover of the chocolate company.

Despite a 6% decline in shares this year due to concerns about GLP-1 drugs and rising cocoa prices, Hershey's stock has experienced a 7% increase, resulting in a market cap of $40.49 billion.

The stock of Mondelez fell 2% in morning trading, with its market cap down to $82.22 billion. This year, the company's stock has fallen 15%, contributing to its decline.

Since June 30, 2016, Hershey shares have been experiencing their best day since that date, when the stock increased by more than 16% following the company's disclosure of a $23 billion bid from Mondelez, which owns several popular brands including Oreo, Cadbury, and Honey Maid. Despite Hershey's board unanimously rejecting the offer, Mondelez announced in August of that year that it was abandoning its pursuit of a deal.

Despite attempts to take over and a strategic review in 2007, the company, founded in 1894 by Milton Hershey, has remained independent.

The Hershey Trust, which holds a significant amount of Class B common stock, has substantial control over the future of the company due to its 10 votes for every share in Hershey's dual-class structure, as stated in a research note from J.P. Morgan analyst Ken Goldman on Wednesday.

The Pennsylvania attorney general has the authority to intervene in any agreement that diminishes their power.

In 2002, after the Hershey Trust announced it planned to sell its controlling interest in the company to Wrigley, the attorney general intervened to block the sale through the Dauphin County Orphans' Court. As a result, 10 of the trust's 17 board members resigned.

After years of price hikes, consumer packaged goods companies are seeking acquisitions to boost sales. Mars, the owner of M&M's, acquired Kellanova, the maker of Pringles, for $36 billion this summer.