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Pinnacle Foods Incorporated
Hillshire takes Tyson deal, drops its own bid for Pinnacle Foods
Hillshire takes Tyson deal, drops its own bid for Pinnacle Foods

Meat processor Hillshire Brands Co. agreed to be acquired by Tyson Foods Inc. for nearly $8.6 billion in cash and assumed debt as directors rejected another suitor and dropped the company’s own bid for Pinnacle Foods Inc. Hillshire, the maker of Jimmy Dean sausages, said Monday that Tyson’s offer to buy the company for $63 a share in cash was a “superior proposal” for shareholders and that its directors determined that it would be “inconsistent with their duties" if it didn't withdraw its offer to buy Pinnacle. The decision to go with Tyson, the world’s largest meat producer, meant that Hillshire dumped the unsolicited bid from Pilgrim’s Pride Corp. Under a previously pending deal with...

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