Updated from 10:44 a.m. EDT

NEW YORK (TheStreet) -- Shares of Hershey  (HSY - Get Report)  are soaring 17.69% to $114.32 on heavy trading volume Thursday morning as snack-food giant Mondelez (MDLZ) has made an offer to purchase the chocolate producer, the Wall Street Journal reports.

Mondelez stock is up 2.14% to $43.89.

The company has bid $107 per share for Hershey in a transaction that is half cash and half stock, CNBC reports.

A deal would depend on the approval of the Hershey Trust, which owns 8.4% of the company's common stock and 81% of its voting power. The trust has been against selling the company in the past. 

If the two companies reach an agreement, Mondelez would protect jobs, locate its global chocolate headquarters in Hershey, PA and rename the company Hershey, sources cited by the Journal said.

About 5.34 million shares of Hershey have been traded so far today, well above its average trading volume of roughly 1.38 million shares per day.

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

Hershey's strengths such as its expanding profit margins, good cash flow from operations, notable return on equity and solid stock price performance outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: HSY

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 article's author.