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Hillshire backs away from Pinnacle Foods offer

By The Associated Press

This article was published June 16, 2014 at 7:26 a.m.

hillshire-farm-packaged-sausage-is-displayed-monday-at-a-supermarket-in-middleton-mass-tyson-foods-inc-has-won-a-bidding-war-for-hillshire-brands-the-maker-of-jimmy-dean-sausages-and-ball-park-hot-dogs-with-a-63-per-share-offer

Hillshire Farm packaged sausage is displayed Monday at a supermarket in Middleton, Mass. Tyson Foods Inc. has won a bidding war for Hillshire Brands, the maker of Jimmy Dean sausages and Ball Park hot dogs, with a $63 per share offer.

Hillshire Brands Co. is backing off of its offer to buy Pinnacle Foods Inc., a move that it needs to make in order for its $7.75 billion proposed deal with Tyson Foods to go through.

Tyson won a bidding war with Pilgrim's Pride earlier this month to buy Hillshire, maker of Jimmy Dean sausages and Ball Park hot dogs. The final offer from Tyson Foods Inc. ended up at $63 per share, but it was contingent on Hillshire not going through with its bid for Pinnacle Foods, which makes Birds Eye frozen vegetables.

Hillshire said Monday that its board unanimously decided to withdraw its recommendation for the Pinnacle Foods transaction and considers the Tyson takeover offer a superior proposal. Pinnacle Foods may be entitled to a termination fee of up to $163 million.

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