Photo by Joe Raedle/Getty Images(NEW YORK) — Hillshire Brands Company released a statement on Monday saying that the previously announced merger between the company and Pinnacle Foods Inc. had been terminated.
According to a company press release, Hillshire’s board of directors “withdrew its recommendation of the acquisition of Pinnacle Foods.” The board of directors reportedly made its decision after receiving an offer from Tyson Foods, Inc. to purchase Hillshire Brands.
Hillshire’s press release says that Tyson has agreed to pay $63 per share.
Pinnacle Foods makes Birds Eye frozen vegetables, Duncan Hines cake mixes and Hungry Man frozen dinners. The company said it would receive a $163 million payment from Hillshire in exchange for the termination.
Hillshire had agreed to purchase Pinnacle Foods in May, but changed their minds after Tyson offered a significant sum to purchase Hillshire Brands, the company which makes Jimmy Dean sausages, Ball Park hot dogs and Hillshire Farm lunch meat.
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