Dive Brief:
- The battle to acquire Russell Stover, the third-largest chocolate maker in the U.S., is heating up, as multiple bidders have emerged.
- Hershey Co. has offered $1 billion for the family-owned business, according to the Wall Street Journal. If successful, it would be Hershey's largest acquisition ever.
- Other bidders include Yildiz Holding, the owner of Godiva, and some private equity firms.
Dive Insight:
When Russell Stover first announced in February that it would entertain offers, it was pretty likely that Hershey would bid. But the level of interest, and the price that Russell Stover appears able to generate, is steeper than many would have guessed.
That just goes to show that, as Forrest Gump said in that famous scene with a Russell Stover assortment: "Life is like a box of chocolates, you never know what you're gonna get."