Updated from 4:21 PM EDT.
NEW YORK (TheStreet) -- Shares of Hershey (HSY) - Get Report were dropping 11.45% to $98.88 in after-hours trading on Monday after Mondelez (MDLZ) said it is no longer pursuing a combination with the company.
"As the world's leading snacking company, we remain focused on successfully executing our strategy to deliver both sustainable top-line growth and significant margin expansion and are well-positioned to continue to deliver value to our shareholders," Mondelez CEO Irene Rosenfeld said in a statement.
After additional discussions and taking into account recent shareholder developments at Hershey, Mondelez determined that there is "no actionable path forward" toward an agreement.
In July, Hershey rejected a $23 billion takeover offer from Mondelez.
Mondelez had upped its bid for the company to $115 per share last week before abandoning a possible deal today, a source told the Wall Street Journal. Hershey said price talks would need to start at $125 per share, the source added.
Additionally, Hershey said the deal could not occur before the trust board is reconstituted, which likely won't happen until next year, the Journal noted, citing a source.
"While we are disappointed in this outcome, we remain disciplined in our approach to creating value, including through acquisitions, and confident that our advantaged platform positions us well for top-tier performance over the long term," Rosenfeld added.
Shares of Mondelez were advancing in after-hours trading on Monday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on Hershey stock.
The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, notable return on equity, expanding profit margins and solid stock price performance.
The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HSY