Hillshire Brands pulls Pinnacle Foods offer

|About: Hillshire Brands Co. (HSH)|By:, SA News Editor

Hillshire Brands (HSH) withdraws its acquisition offer for Pinnacle Foods (PF).

The company's board says it determined that a sale to Tyson Foods provided a more favorable course for shareholders than the Pinnacle Foods buyout.

Pinnacle Foods is entitled to receive a termination fee of $43M, followed by another $120M if certain circumstances occur.