Jul 1, 2014, 5:33am MST Updated: Jul 1, 2014, 7:15am MST
Enlarge Photo
Daniel Acker | Bloomberg
Hillshire Brands is officially off the sales hook with Pinnacle Foods. The maker of Sara Lee products will pay Pinnacle a $163 million breakup fee. Photographer: Daniel Acker/Bloomberg
- Staff Phoenix Business Journal
Hillshire Brands is off the hook with Pinnacle Foods.
Pinnacle has agreed to let the maker of Ball Park hot dogs, Sara Lee products and other food brands out of a sales agreement, reports USA Today.
Hillshire had agreed to buy Pinnacle for $4.23 billion in May, but then a bidding war broke out for Hillshire between Tyson Foods and Pilgrim's Pride. Tyson won the Hillshire fight with a $7.75 billion offer.
As part of the breakup with Pinnacle, Hillshire will pay a $163 million fee, which Hillshire said it will use to pay down debt.
Read more here.
0 comments:
Post a Comment