We like Hershey's brand, competitive position, pricing power, and ability to extract greater levels of profitability each and every year.

We also like that it is expanding into new areas of growth, particularly with respect to ready-to-eat popcorn and meat snacks.

A combination with Tootsie Roll may make sense. We think Hershey management could drive considerable cost synergies, and a tie-up would only enhance bargaining power while improving product placement.

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