Kraft Heinz Company offered to buy Unilever for $143 billion, but Unilever turned them down.
The New York Times reports Kraft said even though it was declined, it would work to reach an agreement on the terms of a transaction. Unilever said that the offer "fundamentally undervalues" the company.
Bloomberg reports if the deal went through it would be "the largest-ever takeover in the food or beverage industry."
CNN Money reports the offer, which was $50 a share is actually 20% higher than Thursday's closing price.