DealBook P.M. Edition on June 30, 2016: Top Story: Hershey Rejects Mondelez’s $23 Billion Takeover Offer

Thursday, June 30, 2016 Top Story Hershey Rejects Mondelez’s $23 Billion Takeover Offer By MICHAEL J. DE LA MERCED AND STEPHANIE STROM Hersey said that Mondelez had offered to pay $107 a share in cash and stock — a premium of about 10 percent to Hershey’s closing stock price. Hershey said that its board had “rejected the indication of interest and determined that it provided no basis for further discussion between Mondelez and the company.” DealBook Highlights HUD Will Overhaul Rules After Selling 105,000 Soured Mortgages to Private Buyers By MATTHEW GOLDSTEIN The requirement that private investors — mostly private equity firms and hedge funds — will have to consider things like principal reduction in reworking troubled mortgages represents a significant change. An article in The New York Times revealed that the private equity firms had been aggressive in pushing borrowers toward foreclosure. COMMON SENSE After ‘Brexit,’ Finding a New London for the Financial World to Call Home By JAMES B. STEWART The race is on to be the new London. Unless Britain finds a way to undo its decision to leave the European Union, London’s days as the pre-eminent global financial capital, ranked even ahead of New York, may be numbered. • Boris Johnson Won’t Seek to Lead Britain, but Michael Gove Will MasterCard-Visa Settlement With Retailers Is Overturned By RACHEL ABRAMS A federal appeals court said the historic settlement was void because the same lawyers represented the retailers and the card processing companies. Movie Studio Lionsgate Agreed to Buy Starz, a Pay Channel, for $4.4 Billion By MICHAEL J. DE LA MERCED AND JOHN KOBLIN The billionaire John Malone helped orchestrate a complicated stock swap last year that gave Lionsgate a stake in Starz — and himself a board seat on Lionsgate. The mogul controls the voting power at Starz as well. Spanish Tax Authorities Investigate Google By MARK SCOTT Officials visited the technology giant’s offices in Madrid as part of their inquiry, broadening the scrutiny in Europe of how the company pays taxes. Sports Investor George Pyne Is Buying a Specialist in Broadcasts By MICHAEL J. DE LA MERCED Mr. Pyne helped turn Nascar into a multimedia giant and led IMG. Now, his Bruin Sports Capital is taking a deeper dive into the business by buying deltatre, a 30-year-old specialist in helping broadcast soccer games and other sports events. Buzz Tracker Anthem-Cigna Meltdown May Spark Deals for Smaller Plans Smaller insurers could become targets for Cigna, including WellCare Health Plans, Centene and Molina Healthcare. Anthem, meanwhile, may chase after assets that might be sold by industry rivals Aetna and Humana. – Bloomberg Dick’s Sporting Goods Wins Sports Authority Brand Name Dick’s beat out British retailer Sports Direct International in a bankruptcy auction with a bid of $15 million, people familiar with the situation said. – The Wall Street Journal Paul Singer Says Trump Would Cause a Depression The hedge fund billionaire and major G.O.P. donor said that “if he actually stuck to those policies and gets elected president, it's close to a guarantee of a global depression, widespread global depression.” – CNBC For the latest updates: Go to NYTimes.com/DealBook Looking Ahead Puerto Rico Likely to Default on $1.9 Billion On Friday, Puerto Rico is expected to default on scheduled debt payments totaling $1.9 billion, its biggest and most consequential default to date. In April, the island’s legislature gave Governor Alejandro García Padilla the power to declare a debt moratorium, and to bar creditors from suing to get their money. It is not clear that the law is constitutional. – Mary Williams Walsh ADVERTISEMENT