Hershey's main controlling owner has rejected Mondelez International's preliminary takeover offer, terming it as too low, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Mondelez International Inc. approved a stock repurchase authorization of as much as $9 billion, days after a report that the snack-food company was exploring an acquisition of chocolate maker Hershey Co.

Mondelez’s plans for a buyback and its “focus” more on “bolt-on” M&A suggest to some onlookers it may think again about pursuing Hershey.