Mike Arnold • 26 Comments
Aug. 29, 2014, 5:03 AM
- Tyson Foods (NYSE:TSN) has completed its $7.7B acquisition of Hillshire Brands (NYSE:HSH).
- Hillshire's common stock will be de-listed and cease trading on the NYSE and Chicago Stock Exchange before the market open this morning.
- Tyson says the combined company's new leadership will include a mix of senior leaders from both companies, but Hillshire's CEO Sean Connolly has chosen to pursue other interests.
Aug. 13, 2014, 3:58 AM
- The Department of Justice's Antitrust Division has requested additional information from Tyson Foods (NYSE:TSN) and Hillshire Brands (NYSE:HSH) regarding their $7.7B deal announced in June.
- Tyson's tender offer, which was scheduled to expire on July 16, has been extended until Aug. 19. The companies estimate the deal to be completed by Sept. 27.
- Antitrust experts are expecting the deal to win approval, since the companies tend to sell different products.
Jul. 2, 2014, 8:18 AM
- Tyson Foods (TSN) and Hillshire Brands (HSH) say both boards have approved the merger of the two companies in an all-cash $8.55B transaction.
- The deal is expected to close before September 27 after a two-step tender offer completes.
- Tyson Foods will be the company making the $163M termination payment to Pinnacle Foods (PF), not Hillshire as widely reported.
Jun. 30, 2014, 5:16 PM
- Pinnacle Foods (PF) says it is terminating its merger agreement with Hillshire Brands (HSH) and expects to receive a $163M cash payment from HSH.
- Hillshire withdrew support for the merger two weeks ago, choosing a $7.7B takeover offer from Tyson Foods.
- PF also reaffirms FY 2014 EPS guidance of $1.70-$1.75 vs $1.74 analyst consensus estimate.
Jun. 9, 2014, 7:39 AM
- Tyson Foods (TSN) confirms a deal to buy Hillshire Brands (HSH) for $63 per share in a deal valued at $8.55B.
- The company will use cash on hand and a bridge loan to fund the acquisition.
- Execs will discuss the merger on a conference call at 8:30 AM EST.
- Shares of Tyson are down 2.8% in premarket action, while Hillshire Brands is up 5.1% to $61.95.
Jun. 9, 2014, 1:31 AM
- Tyson Foods (TSN) appears to have won the battle to buy Hillshire Brands (HSH), after offering $7.7B for the company, or $63 a share. The offer is nearly $1B more than the bid cast by Pilgrim's Pride (PPC) last week.
- The deal is still not finalized, and can take a few days, if not more. Hillshire Brands cannot even make another deal until it terminates a previous merger agreement with Pinnacle Foods (PF), paying $163M towards a break-up fee.
May 29, 2014, 8:44 AM
- Tyson Foods (TSN) offers to buy Hillshire Brands (HSH) for $50 per share.
- The offer is over the top of a bid from Pilgrim's Pride (PPC) for the company.
- The news could hit shares of Pinnacle Foods (PF) if it's left without a merger partner.
- Food stock chain reaction (premarket): TSN +3.4% to $42.15; HSH +13.9% to $51.25, PPC -1.5% to $25.00; PF -1.8% to $31.00.
May 27, 2014, 7:28 AM
- A $6.4B offer by Pilgrim Pride's (PPC) to buy Hillshire Brands (HSH) could rattle the food sector.
- For starters, the deal could spoil Hillshire's offer on the table to buy Pinnacle Foods (PF).
- The quick analyst take on a PPC-HSH combination is favorable with the companies focused in different areas (chicken vs. packaged meat) which could lead to easy access to new distribution channels.
- Premarket: HSH +22.9% to $45.49, PF -5.3% to $31.50.
- Also on merger watch in the food sector: THS, SJM, GIS, KRFT, CPB, ADM, BGS, RAH, HAIN, K CAG
May 27, 2014, 7:10 AM
May 12, 2014, 8:00 AM
- Shares of Pinnacle Foods (PF) soar 22.8% to $37.40 after Hillshire Brands (HSH) offers to buy the company
- Traders are giving Pinnacle a little premium over the calculated deal price of $36.02.
- The combination of the food companies is expected to be immediately accretive to earnings. By the third year, the merger is forecast to generate $140M in annual cost synergies.
- HSH +5.6% premarket.
May 12, 2014, 6:49 AM
- Hillshire Brands (HSH) has agreed to acquire Pinnacle Foods Inc (PF) for $6.6B in cash and stock, including debt.
- Hillshire is offering $36.02 a share, or an 18% premium to Pinnacle Foods' close of $30.45 on Friday.
- Blackstone (BX), which holds approximately 51% of Pinnacle Foods, backs the transaction. (PR)
Apr. 21, 2014, 8:20 AM
- Hillshire Brands (HSH) announces it struck a deal to buy Van's Natural Foods from Catterton Partners for $165M.
- The move by the company takes it into the gluten-free cereal and snacks business for the first tine.
- The transaction is expected to be completed in May 2014 after clearing regulatory review.
Mar. 23, 2014, 2:47 AM
- Unilever's (UL) Ragu brand is attracting interest from Hormel Foods (HRL) and J.M. Smucker (SJM), Bloomberg reports, with Pinnacle Foods (PF), Hillshire Brands (HSH), Post Holdings (POST) and Japanese grocery supplier Mizkan also eying the pasta sauce.
- First round bids for Ragu, which could bring in up to $2B, are due in at the end of this week.
- The auction adds to Unilever's sale of other famous food brands such as Skippy peanut butter last year. Ragu makes up 40% of the company's pasta-sauce sales of $1.2B and is the U.S. market leader, but revenue has fallen 18% since 2009.
Sep. 3, 2013, 7:43 AM
- Hillshire Brands (HSH) buys Golden Island Jerky for an undisclosed amount.
- The firm's line of premium gourmet jerky products will become part of Hillshire Farms Gourmet Food Group.
- The transaction isn't expected to have a meaningful impact on earnings this year.
May 14, 2013, 2:50 PM
More on Hillshire Brands' (HSH +1.2%) presentation at the Goldman Sachs Consumer Products Symposium (previous): Execs make it clear the company is "actively" looking at M&A opportunities as looks for ways to leverage its existing business. A bolt-on acquisition is a possibility. If no deal is struck, dividend hikes could be moved back to the front burner. (webcast)| May 14, 2013, 2:50 PM
Apr. 10, 2012, 9:06 AM
Sara Lee (SLE) announces it snapped up Express Coffee of Brazil in a deal that it says "substantially expands" the branding and consumer connection platform of the Pilao coffee brand in Brazil. Terms of the deal were not disclosed.| Apr. 10, 2012, 9:06 AM