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Dauphin County, Pa., Judge Calls Sale of Hershey 'Excessive and Unnecessary".
Sep. 11--The potential sale of Hershey Foods Corp. appears to be "excessive and unnecessary," and claims that the sale is only an option are "an affront to the intelligence," a Dauphin County Court judge wrote in a scathing opinion yesterday.
In a 16-page opinion, Orphans' Court Judge Warren G. Morgan outlined his reasoning behind last week's decision temporarily barring a sale while the legal case continues, and he continually called into question why the potential sale was even being considered.
Morgan blasted the Hershey Trust Co. -- created to oversee the Milton Hershey School and which has a controlling interest in Hershey Foods -- at one point saying the trustees' actions appear "so unreasonable as it relates to their duty to the school trust that it amounts to a capriciousness that is an abuse of their discretion."
The opinion, while it doesn't resolve the…
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...of stock from the trust company. So far, Hershey Foods has repurchased...in both classes of Hershey Foods stock. The trust company still owns more than...billion from the trust company. Hershey Foods will retire the shares...
- Hershey Foods to Buy Back Some Stock.
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...diversify its assets. If the trust company sells some of its shares back to Hershey Foods, as analysts expect will...There was no mention of the trust company or its failed move to sell Hershey Foods. The trust company called of any sale in September...
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- Newspaper article from: The Patriot-News (Harrisburg, Pennsylvania) (via Knight-Ridder/Tribune Business News) September 12, 2002 700+ words
...from selling Hershey Foods Corp., some...role? The trust company's attorney...decision by the trust company's board...explore selling Hershey Foods is "so unreasonable...the sale of Hershey Foods. The trust company, as trustee...
- CEO of Hershey Foods Happy with Company's Progress, Future.
- Newspaper article from: Knight Ridder/Tribune Business News March 2, 2003 700+ words
...selling off Hershey Foods -- setting...lawmakers. The trust company, which oversees...the CEOs of Hershey Foods and the trust company's other major...challenges to the trust company's effort to sell Hershey Foods won't prevent...
- Hershey Foods Trims Operations.
- Newspaper article from: Knight Ridder/Tribune Business News November 5, 2002 700+ words
...Business News Nov. 5--A year ago, Hershey Foods Corp. announced a restructuring...Trust Co. to explore a sale of Hershey Foods. The trust company, which owns the majority of shares in Hershey Foods, called off any possible sale...
- Hershey Foods' Costs Rise.
- Newspaper article from: Knight Ridder/Tribune Business News November 13, 2002 700+ words
...Ridder/Tribune Business News Nov. 13--Hershey Foods Corp.'s 13-month-long restructuring continues...which owns 77 percent of the voting stock in Hershey Foods. The trust company, which was considering a sale as a way to diversify...
- Judge Blocks Sale of Hershey Foods for Now.
- Newspaper article from: Knight Ridder/Tribune Business News September 5, 2002 700+ words
...any or all of the shares of Hershey Foods Corp. held" by the trust company. The trust company, which...Hershey." In May, the trust company rejected an offer by Hershey Foods to buy all of the trust company's shares, and instead...
- Top Hershey Foods Executive Quits.
- Newspaper article from: Knight Ridder/Tribune Business News December 11, 2002 700+ words
...referring to the trust company's move to sell Hershey Foods. Selling shares to Hershey Foods would reduce the trust company's reliance on...vote each, if the trust company's 31 percent stake in Hershey Foods drops below 15 percent...
- Hershey Foods plans to buy back some stock ... (Newsletter).(Brief Article)
- Magazine article from: Candy Industry December 1, 2002 700+ words
...Selling shares to Hershey Foods would reduce the trust company's reliance on the...vote each, if the trust company's 31% stake in Hershey Foods drops below 15%. About half of the trust company's $5.2 billion...
- Hershey Foods Director Resigns.
- Newspaper article from: Knight Ridder/Tribune Business News January 3, 2003 700+ words
...boards of both the trust company and Hershey Foods during the contentious...being a member of the trust company board. "The Hershey [Foods] board has a requirement...economic sense for the trust company, Hershey Foods, its employees and...
Source: HighBeam Research, Dauphin County, Pa., Judge Calls Sale of Hershey 'Excessive and...
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