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Fly News Breaks for July 1, 2016
KHC, MDLZ, HSY
Jul 1, 2016 | 09:13 EDT
JPMorgan analyst Ken Goldman believes Mondelez (MDLZ) could pay up to $134 per share for Hershey (HSY) before the deal becomes dilutive. He views yesterday's $107 per share bid as "merely a starting point" and is "increasingly confident" that a deal can take place. The analyst expects further bids at higher price points. Kraft Heinz's (KHZ) next target could be Mondelez, however, so the idea that Mondelez make the offer for Hershey in part to force a potential suitor's hand can't be dismissed, Goldman tells investors in a research note.
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