The Tyson Foods offer by its terms remains in place until the earlier of the termination of the Hillshire Brands/Pinnacle merger agreement or 12 December 2014.
The Hillshire Brands board, after consultation with its independent legal and financial advisors, made the requisite determination under its agreement with Pinnacle Foods to commence discussions and negotiations with Pilgrim’s Pride and Tyson Foods regarding their unsolicited proposals to acquire the company. The Hillshire Brands board of directors has not approved the Tyson Foods offer, hasn’t changed its recommendation regarding the Pinnacle merger and is not making any recommendation with respect to the Tyson offer.
Hillshire Brands does not have the right to terminate the merger agreement with Pinnacle Foods on the basis of the Tyson Foods offer or enter into an agreement with Tyson Foods prior to its termination. There can be no assurance that any transaction will result from the Tyson Foods offer.
Centerview Partners and Goldman, Sachs & Co are acting as financial advisors to Hillshire Brands, and Skadden, Arps, Slate, Meagher & Flom is acting as its legal advisor.
Source: Hillshire Brands Company
© FoodBev Media Ltd 2024