US - Tyson Foods has extended the offering period of its previously announced tender offer to purchase all of the outstanding shares of common stock of Hillshire Brands to allow more time for anti-trust examination of the deal.
The extension of offer period for the shares at $63.00 per share in cash is a further extension of the offer period and remains governed by the rules set out in the Offer to Purchase dated 16 July.
The Offer, which was previously scheduled to expire at the end of 26 August has been extended until 12:00 midnight, New York City time, on Wednesday, 27 August but could be extended further under the circumstances set out in the merger agreement.
The Offer has been extended to allow additional time for the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”).
As previously announced, Tyson and Hillshire Brands each received a request for additional information, often referred to as a “second request,” from the Antitrust Division of the Department of Justice on 12 August in connection with the transaction.
Tyson and Hillshire Brands say they are continuing to work expeditiously to resolve this matter with the Antitrust Division and expect that the transaction, which remains subject to customary closing conditions, will be completed by or before 27 September.
Computershare Trust Company, the depositary for the offer, has told Tyson and Hillshire Brands that approximately 66,252,016 shares of common stock of Hillshire Brands (not including 306,261 shares tendered by notice of guaranteed delivery for which shares have not yet been delivered) had been validly tendered representing about 53 per cent of Hillshire Brands’ outstanding shares.
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