UPDATE: The Hershey board unanimously rejected the bid

A reported takeover bid for Hershey Company by the maker of Oreos and Cadbury chocolates has boosted stock shares, the Wall Street Journal reports.

Hershey stock prices rose 21 percent Thursday, said CBNC.

Mondelez International, the reported bidder, would protect jobs, move the company's headquarters to Hershey and rename the company Hershey, said a report in the Wall Street Journal.

The takeover would be "a blockbuster deal" said the Wall Street Journal. Hershey's market value was $21 billion Thursday morning, said the report, and Mondelez is valued at $69 billion.

Hershey Trust would have to approve the bid, since it controls 81 percent of the voting power of Hershey Company, and owns 8.4 percent of common stock, said the report.