The Hershey Trust Co., which holds about 80% of Hershey Co.'s voting power, has rejected a preliminary takeover offer from Mondelez International Inc. as too low. Mondelez, a snack-food giant, had hinted that a deal for Hershey might not fit its strategy, yet the potential acquisition would have ranked as the year's top M&A deal. Hershey's stock fell following the news, while Mondelez's stock rose by 3.1%. Despite the rejection, Mondelez has announced a new share repurchase authorization, suggesting a focus on returning value to shareholders rather than pursuing the acquisition.