March 14, 2014
The charitable trust that controls Hershey Foods says it will appeal a judge's temporary order blocking any sale of the candy company. Pennsylvania's attorney general says some time is needed for a "hard look" at how a sale would affect Hershey's community.
Earlier in the day a state judge in Pennsylvania temporarily blocked the possible sale of Hershey Foods.
The judge issued a temporary restraining order after the state attorney general's office went to court, warning that such a deal could lead to major layoffs in the town that bears the company's name.
The Hershey Trust, which benefits a school for disadvantaged children, had ordered company executives to seek bids for Hershey.
Analysts say bids could have gone as high as $15 billion.
The trust controls 77 percent of Hershey Foods' shareholder votes and 31 percent of its common stock.