Wednesday, October 22nd10.9°C
23840
23129

Tyson Foods enters definitive agreement to buy Hillshire, 2 days after Pinnacle deal nixed

SPRINGDALE, Ark. - Tyson Foods Inc. has signed a definitive deal to purchase Hillshire Brands Co. for $7.75 billion, two days after the maker of Jimmy Dean sausages and Ball Park hot dogs was let out of its agreement to buy Pinnacle Foods.

Chicago-based Hillshire agreed to buy Pinnacle Foods Inc. for $4.23 billion in May. But then Tyson and Pilgrim's Pride Corp. got into a bidding war for Hillshire, with Hillshire accepting Tyson's $63 per share offer last month. The deal with Tyson — which is valued by the companies at about $8.55 billion, including debt — was contingent on Hillshire walking away from its deal with Pinnacle.

On Monday, Parsippany, New Jersey- based Pinnacle terminated its sale to Hillshire. Pinnacle makes products such as Birds Eye frozen vegetables, Duncan Hines cake mixes and Hungry-Man frozen dinners.

Springdale, Arkansas-based Tyson said Wednesday that it will pay the $163 million termination fee to Pinnacle on behalf of Hillshire.

Tyson's acquisition of Hillshire is expected to close by Sept. 27, the last day of Tyson's fiscal year.

The Canadian Press


Read more Business News

23434


Recent Trending




Today's Market
S&P TSX14312.07-235.64
S&P CDNX808.00-14.28
DJIA16461.32-153.49
Nasdaq4382.847-36.632
S&P 5001927.11-14.17
CDN Dollar0.8886-0.0008
Gold1241.90-3.60
Oil79.80-0.33
Lumber330.40+1.70
Natural Gas3.649-0.01

 
Okanagan Companies
Pacific Safety0.12+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.055-0.025
Anavex Life Sciences0.198+0.006
Metalex Ventures0.05+0.005
Russel Metals32.53-0.56
Copper Mountain Mining2.10-0.07
Colorado Resources0.145-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.405-0.055

 



22970

FEATURED Property
1619790Loseth Road South
$180,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22771