The move preceded widely circulating print and television reports that Zurich, Switzerland-basedNestle is offering $11.5 billion for Hershey Foods.
"We think it's time to put a halt to this sale," Fisher says in a statement. "We are concerned about the speed in which the Hershey Trust seems to be moving forward with their plans."
In late July, the Trust, which is charged with protecting and preserving the 1,400-acre Milton Hershey School in Hershey, PA announced that it was exploring steps to sell its 77% share in Hershey Foods. The move met with criticism from community groups.
Fisher is requesting that the trust delay accepting any offer for Hershey at least through October, so that legislation and court petitions designed to block the sale of all of the trust's shares have time to proceed.
Robert Vowler, president and chief executive officer of the trust, however, issued a statement confirming that the trustees intention to "explore a sale has not wavered.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
