PARSIPPANY, N.J. — Pinnacle Foods Inc. has terminated the merger agreement with Hillshire Brands, a move which will allow Hillshire to sell itself to Tyson Foods.
Pinnacle will receive a cash payment from Hillshire Brands of $163 million as a result of the termination. Pinnacle said one-time fees and expenses associated with the merger agreement are expected to total about $25 million.
Hillshire had offered to buy Pinnacle in mid-May. In June a bidding war for Hillshire began between Pilgrim's Pride and Tyson Foods.
Tyson's winning bid was a unilaterally binding offer to acquire all outstanding. . .
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