The Hershey Company (NYSE:HSY) stock is moving lower on Wednesday. The Hershey Trust Co., holding 80% of the voting power in Hershey, turned down a preliminary bid from Mondelez International, Inc. (NASDAQ:MDLZ).

The Details: The Hershey Trust rejected the bid, citing that the offer was too low, according to Bloomberg. In 2016, the two companies attempted to reach an acquisition agreement, but talks stalled after Hershey turned down a $23 billion bid.

If the companies reach an agreement, the acquisition could create a food conglomerate with a combined revenue of about $50 billion.

What Else: Today, Mondelez announced a $9 billion share repurchase program. The share repurchase authorization will begin Jan. 2025 and last through Dec. 2027.

This new authorization will take the place of the existing $6 billion program, which has about $2.8 billion remaining and is set to expire at the end of 2025.

In the press release announcing the new repurchase program, Mondelez stated it, "remains committed to its key capital allocation priorities, which include reinvesting in brands and capabilities, returning capital to shareholders through share repurchases and dividends, and M&A."

It then stated, "Given current market conditions, share repurchase remains an opportunity and key priority. The company remains committed to an acquisition strategy that is focused on bolt-on assets similar to recent acquisitions of Chipita, Clif and Ricolino."

HSY Price Action: At the time of writing, Hershey stock is trading 6.52% lower at $174.98, according to data from Benzinga Pro.