Word: trusting
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Dates: during 2000-2009
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...Neither the company nor the trust will talk specifically about the possibility of a bid for Cadbury, a decision that appears imminent, but they acknowledge that the needs of the school put the business decisions of the company in an unusual context. Dividends from the candy-company stock provide about 44% of the funding for the school...
...trust is keenly interested in the performance of all its assets," trust spokesman Tim Reeves said, "but it's looking at that performance not just from the perspective of the next quarter but literally for the next quarter century and the next 100 years...
...After a series of bad years for Hershey, however, the trust board briefly toyed in 2007 with the idea of selling its stock to Wrigley, famous for its chewing-gum brand, but backed down within hours of closing the deal. State and federal authorities had tried to block the sale, in part because of concerns about the size of a combined Wrigley-Hershey company. Residents of the town of Hershey, meanwhile, expressed outrage and even convinced a local judge to delay the sale, saying it would cause "irreparable harm" to the community...
...Board members had argued the sale was necessary to diversify the school's funding base, since slumping profits at the candy company could have far-reaching effects on the school's funding. The failure of that sale appears to have led the trust board to take a stronger role in the direction of the Hershey company, leading quickly to the resignation of CEO and Chairman Richard H. Lenny. Weeks later, the trust board forcibly replaced six of the 11 Hershey board members...
...They were realizing that consolidation was going to be playing out - was already playing out - in the global confectionary marketplace," research analyst Alexia Howard of Sanford Bernstein said. "The trust wanted to make certain that during that period, when the company was making big decisions about how this would play out, they wanted to be in more direct control of the company...