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  1. Assume that you are a member of the Hershey Trust board. To whom (or what) do you owe your fiduciary responsibility? How does the legacy of Milton S. Hershey affect your thinking as a member of the board? Discuss the unique challenges presented by the ownership structure of Hershey. Use at least two outside references when discussing the challenges of fiduciary responsibility, and comment on stockholder vs. stakeholder representation. 
  2. Calculate the WACC for HFC using the data provided in the exhibits, explain the choices you make and why; assume a Market Risk Premium of 5.5%. Estimate the stand-alone value of HFC using a DCF free-cash-flow projections provided in case Exhibit 10. Calculate the implied value of Hershey, and comment on your results. Based on your valuation of HFC, do you believe      the company was fairly valued by the market before the announcement of the      sale? 
  3. Discus the non-price considerations of the offers. To what degree do these impact the acceptance/rejection decision. Which, if any, the bid would you vote to accept for the purchase of Hershey Foods Corporation? Is your decision primarily based on the economics of the bids or the desire to honor the legacy of Milton S. Hershey?
  4. Answer      both questions: 
    1. If you reject both bids and decide not to sell HFC, what will you do to achieve the diversification objective? 
    2. If you decided to accept one of the bids, what (if anything) would you want to communicate to the constituents who opposed the sale?
Hershey Chocolate company
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