Deals
Hillshire Says Takeover by Tyson Better Than Buying Pinnacle
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Hillshire Brands Co., the maker of Jimmy Dean sausages, withdrew support for a merger with Pinnacle Foods Inc. and said a $7.7 billion takeover bid from Tyson Foods Inc. is a better deal for its investors.
Tyson’s $63-a-share offer constitutes a superior proposal and Hillshire recommends that its shareholders vote against buying Pinnacle, Chicago-based Hillshire said today in a statement.