CHICAGO — The Hillshire Brands Co. board of directors has agreed unanimously to withdraw its recommendation to acquire Pinnacle Foods Inc. A stockholder vote on the measure is expected by August.
Tyson Foods earlier won a bidding war with Pilgrim's to acquire Hillshire. That acquisition was contingent on the withdrawal of the Pinnacle proposal by Hillshire.
Hillshire Brands said that its board determined, in consultation with its outside financial and legal advisors, that the Tyson Foods takeover proposal "constitutes a Superior Proposal" over the Pinnacle agreement.
Tyson Foods President Donnie Smith said, "We're pleased the Hillshire board has withdrawn. . .
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