US – The Hillshire Brands Company has confirmed that Pinnacle Foods has exercised its right to terminate the previously announced merger agreement between the companies.
On 16 June, the Hillshire Brands board of directors withdrew its recommendation of the acquisition of Pinnacle Foods, in accordance with the terms of the merger agreement.
The move followed the receipt of the unilaterally binding offer from Tyson Foods to acquire Hillshire Brands for $63.00 per share.
Hillshire Brands board has now said it will promptly review the Tyson offer.
TheMeatSite News Desk