Shares of Hershey's (HSY - Get Report) surged on Thursday after a report that Mondelez (MDLZ - Get Report) had approached the chocolate manufacturer with a $23 billion takeover offer. The Mondelez offer values Hershey at $107 a share. But, according to The Wall Street Journal, the deal was promptly rejected by Hershey's. For such a takeover to be completed, the deal would first have to approved by the Hershey Trust, which holds 81 percent of the voting rights of the stock. Mondelez shares also jumped, closing out the trading session nearly six percent higher.

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