Hershey Co. (HSY Quick QuoteHSY - Free Report) saw its stock soar as high as 21% Thursday as news of a takeover offer by Mondelez International (MDLZ Quick QuoteMDLZ - Free Report) came about, but the possibility of the offer came off the table as quickly as it came. In a statement released from the company, Hershey stated that the board of directors unanimously decided to decline the $23 Billion cash and stock offer from Mondelez.

Though Mondelez said that it would project the jobs of Hershey’s employees, move its chocolate headquarters to Hershey, Pennsylvania and rename the company Hershey’s, the offer apparently still wasn’t enough to budge the Hershey Trust, which owns 81% of the company’s voting rights. The rejection of the deal comes after another rejection in 2002, where Hershey rejected a $12 billion offer from Wm. Wrigley Jr. Co. Mondelez offered Hershey $107 per share, half in cash and half in stock.

If the two were to unite, they would create the world’s largest confectioner, bringing Hershey’s strong U.S. footprint to the rest of the globe, and give Mondelez access to Hershey’s product lines. The combined company would like jump Mars Inc., the largest confectioner as of now, which owns an estimated 13% of the global market.

Despite its continuing desire to keep the company independent, it’s still possible that the Hershey trust would sell the company, though it does seem unlikely. Shares of Hershey closed at $113.49 Thursday, so an increase in the offer would most likely be in order if Mondelez continues its pursuit of a buyout. Be sure to check back with Zacks as this possible deal continues to progress.

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