TAGS: candy news, Hershey Co., chocolate makers, Russell Stover, Russell Stover acquisition
HERSHEY, PA -- Hershey Co. has submitted a $1 billion bid to acquire boxed chocolate maker Russell Stover, according to The Wall Street Journal, citing sources close to the matter.
If successful, the acquisition of Kansas City, MO-based Russell Stover, the third-largest domestic chocolate producer by sales, would be Hershey's largest-ever acquisition. Last year, the Pennsylvania-based maker of Reese’s and Kit-Kat acquired a Chinese chocolate company for $584 million.
Russell Stover has hired Goldman Sachs to help find a buyer, according to the WSJ. Other bidders include Yildiz Holding, the owner of Godiva chocolates, and several private equity firms. A final round of bidding is reportedly set to take place in the next few weeks.