Mondelez International, the owner of Oreo cookies, launched a preliminary takeover offer for Hershey. The deal will make one of the largest foods and beverage companies worldwide. It is the second attempt by Mondelez to acquire Hershey. Its previous attempt at purchasing Hershey in 2016 was worth $23 billion and was rejected by Hershey’s board.

Hershey’s shares spurted more than 10 percent on Monday after learning of a Mondelez’s interest in Hershey’s following its recent third-quarter earnings miss when it indicated Hershey’s already has engaged the help of advisors to review its condition. Both Hershey and Mondelez as well as the Hershey Trust that controls 80% of the voting shares declined comment on the developments.

Hershey’s shares have had a mixed year, up more than 4% but down 6% before the recent increase on the back of pressures from higher cocoa prices and anxiety about how GLP-1 weight loss drugs will influence consumer behavior. Mondelez’s stock fell more than 2% on Monday and has declined 15% in 2024 to date, giving it a market capitalization of $82.16 billion.

This marks the second takeover attempt to be announced in similar fashion, with Hershey’s stock spiking in 2016 when Mondelez put in a bid, but the board rejected the deal. Hershey, established in 1894, remains independent to this day and was even reviewed for potential takeovers in 2007. Furthermore, the dual-class structure of Hershey’s stock has the Hershey Trust maintaining majority control of the company. The Hershey Trust has substantial voting power because its Class B stockholders have 10 votes per share, a structure that has previously blocked takeover attempts, such as in 2002 when a potential sale to Wrigley was blocked by the state attorney general.

This interest from Mondelez comes amidst broader consolidation trends in the consumer-packaged goods sector, where other companies such as Mars are expanding through acquisitions. For example, Mars recently acquired Pringles maker Kellanova in a $36 billion deal, marking one of the largest deals this year, and this growing trend of mergers and acquisitions in the industry as companies seek to diversify and maintain growth amid changing consumer dynamics.