Skip to main content

Tyson moving forward with Hillshire deal

SPRINGDALE, Ark. (AP) — 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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Hail to the chief: Take our presidential trivia quiz

EDITOR'S NOTE: WTOP first brought you this quiz in 2019. Presidents Day is coming. How well do you know the less-important facts about the nation's leaders? Take WTOP's quiz — with any luck, it won't take you all Presidents Day to finish it.
Read Next Story