Mondelez, the snack parent behind Oreos and Cadbury, just showed up at Hershey’s door like, “Hey, remember me? Sorry about not responding in 2016… wanna, uh, give it another shot?”

Yep, Mondelez is back at it, trying to woo 130 year old Hershey into a takeover… again. And like clockwork, Hershey’s stock jumped 15% on Monday. That’s the biggest one-day spike it’s had since, oh wait (checks calendar) the last time Mondelez tried to put a ring on it back in 2016.

If this deal goes through, it would bring together two major players in the snack industry, with total sales over $50 billion. Hershey’s market cap is sitting at $40 billion after Monday’s rally, while Mondelez weighs in at $82 billion. Together, they’d be the Thanos of chocolate, snapping their fingers to dominate global candy sales.

But don’t crack the KitKats just yet. Hershey’s board famously swatted away Mondelez’s $23 billion bid back in 2016, thanks to the iron grip of the Hershey Trust. For those not in the know, this trust isn’t just a bunch of old guys in suits… it’s a legally untouchable fortress that controls 10 votes per share for Hershey’s Class B stock.

Add in Pennsylvania’s quirky law that gives the state attorney general veto power over any sale, and you’ve got more red tape than a DMV on a Monday morning.

So, why is Mondelez sliding into Hershey’s DMs again after nearly a decade? Simple: FOMO and strategy. Hershey’s been bruised this year, thanks to soaring cocoa prices, inflation, and GLP-1 weight-loss drugs scaring consumers away from their candy fix. Hershey’s sales dipped 1.4% in Q3, and its stock was down 14% over the past three months. In other words, Hershey’s looking like a steal (for $40 billion).

Meanwhile, Mondelez has been busy piling up its snack arsenal with salty favorites like Ritz and Wheat Thins. But a Hershey acquisition would bolster its U.S. dominance and help it tackle rising cocoa costs. As Randal Kenworthy, a consultant at West Monroe, said, this deal “just makes sense.”

Now, is Hershey a sweet buy right now? Well, that depends on your risk appetite. The 15% stock spike shows the market believes Mondelez is serious—but let’s not forget the brick wall of the Hershey Trust and Pennsylvania law. Unless Mondelez throws down an offer so absurd it breaks Twitter, don’t bet your 401(k) on this deal closing.

Stocks.News has positions in Mondelez as mentioned in article.