Shares of chocolate maker The Hershey Co. (HSY Quick QuoteHSY - Free Report) abruptly dropped over 11% in after-hours trading Monday after Mondelez International (MDLZ Quick QuoteMDLZ - Free Report) announced that it is no longer negotiating a possible takeover of the candy giant.

Hershey shares soared to all-time highs back in June after Mondelez, the self-proclaimed world leader in “snacking,” offered to take over the company in a cash and stock deal worth nearly $23 billion. Mondelez’s initial offer was unanimously rejected by Hershey’s board of directors.

“Our proposal to acquire Hershey reflected our conviction that combining our two iconic American companies would create an industry leader with global scale in snacking and confectionery and a strong portfolio of complementary brands,” said Mondelez CEO Irene Rosenfeld.

“Following additional discussions, and taking into account recent shareholder developments at Hershey, we determined that there is no actionable path forward toward an agreement.  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,” the chief executive added.

Deals involving Hershey are subject to approval by the Hershey Trust, which owns about 11% of the company’s common stock and 81% of its voting rights. A merger between Mondelez and Hershey would have created the largest confectioner in the world, jumping the current leader, Mars Inc., for the top spot.

Although 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, apparently the deal just wasn’t sweet enough for right now.

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