Hillshire Brands Confirms Buyout Offer From Tyson Foods - Quick Facts

(RTTNews) - Hillshire Brands Co. (HSH) confirmed Monday that it has received a unilateral binding offer from Tyson Foods Inc. (TSN) to acquire all of the outstanding common shares of Hillshire Brands for $63.00 per share in cash. The Tyson Foods offer by its terms remains in place until the earlier of the termination of the Hillshire Brands/Pinnacle merger agreement or December 12, 2014.

Hillshire Brands noted that its board has not approved the Tyson Foods offer, has not 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.

Earlier in the day, Pilgrim's Pride Corp. (PPC) announced that it has withdrawn its offer to acquire Hillshire Brands. Pilgrim's decision to withdraw follows today's announcement by Tyson Foods that Tyson submitted a unilaterally binding offer to acquire all outstanding shares of The Hillshire Brands for a price of $63 per share in cash.