Hershey agrees to buy 1M shares from Milton Hershey School Trust for $239.9M

HERSHEY CO

Purchases 1,000,000 shares of common stock at $239.91 per share from the Milton Hershey School Trust.
Total purchase price of $239,910,000; shares converted from Class B stock prior to sale.
Transaction approved by disinterested independent directors of the Board's Executive Committee.
Closing occurred on February 15, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HERSHEY CO entered into Stock Purchase Agreement with Hershey Trust Company, as trustee for the Milton Hershey School Trust valued at $239,910,000 (effective 2023-02-13).

Action: entry
Agreement: equity purchase
Counterparty: Hershey Trust Company, as trustee for the Milton Hershey School Trust
Value: $239,910,000
Effective: 2023-02-13

Exact text from the filing

Effective February 13, 2023, The Hershey Company (the “Company”) entered into a Stock Purchase Agreement with Hershey Trust Company, as trustee for the Milton Hershey School Trust (the “Trust”), pursuant to which the Company agreed to purchase 1,000,000 shares of the Company’s Common Stock from the Trust at a price equal to $239.91 per share, for a total purchase price of $239,910,000.

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Source: SEC EDGAR

accession 0000047111-23-000008

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