Hershey Barred – How Pennsylvania officials screwed poor kids out of $1 billion by stopping the sale of the candy-maker. By Daniel Gross
Here was an instance where all fiduciaries performed as they were supposed to. The trust sought to diversify its assets so the beneficiaries wouldn’t be too dependent on a single stock. The management and board of Hershey, acceding to the desires of a controlling shareholder, initiated and aggressively pursued a process that likely would have resulted in their losing their own jobs. The investment banker pursued and rounded up a highly attractive offer.