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The trust that controls

Hershey Foods

(HSY) - Get Hershey Company (HSY) Report

reportedly received a $12.5 billion offer for the candy-maker from



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, but took itself off the auction block at the last minute.

Trustees had planned to meet Wednesday to accept the $89-a-share buyout, according to

The Wall Street Journal

, but last night decided against any sale and informed the company of the decision.

"The trust board has rejected all the bids that it received," Hershey Trust spokesman Rick Kelly said Tuesday, reading a statement. "It is asking the company to end the process of exploring the sale."

The proposed deal had even been sweetened to include political concessions including an agreement to name the company Wrigley Hershey and keep local plants open.

The $5.9 billion trust, which controls 77% of the company's shareholder votes and 31% of its common stock, announced July 25 that it had ordered Hershey Foods executives to seek bids on its stake. The decision drew criticism from Pennsylvania officials concerned about the social and economic impact of any sale.