QUICK LINKS:

Hillshire Brands buying Pinnacle Foods for $4.23B

Created: 05/12/2014 6:53 PM WHEC.com
By: Associated Press

Hillshire Brands is buying Pinnacle Foods, whose brands include Duncan Hines and Aunt Jemima, in a cash-and-stock deal valued at approximately $4.23 billion.

Hillshire Brands' roster of brands includes Jimmy Dean meats and Sara Lee frozen bakery goods.

The combined company will use the Hillshire Brands name and be based in Chicago.

Each share of Pinnacle Foods Inc. common stock will be exchanged for $18 in cash and 0.50 shares of Hillshire Brands Co. common stock. The companies said Monday that the implied purchase price is $36.02 per share.

That's an 18 percent premium to Pinnacle's Friday closing price of $30.45.

The companies put the deal's total value at about $6.6 billion, which includes Pinnacle's outstanding debt.

Both companies' boards unanimously approved the acquisition, which is expected to close by September.





News10NBC/WHEC-TV welcomes your opinion and interaction on our website, but please remember to keep it clean. If you're advertising for another business, being profane, vulgar or slanderous your post will be deleted. By commenting on this website, you agree that anything you post may be used, along with your name and profile picture, in accordance with our Privacy Policy and the license you have granted pursuant to our Terms of Use. Comments are not pre-screened before they posted.

Rochester

Overcast
32°
35° | 24°
  • Feels like: 27° F
  • Wind: SE 5mph
  • Humidity: 64%
  • Mon A few clouds
    41° | 25°
  • Tue Showers possible in the afternoon
    48° | 30°
  • Wed Mainly cloudy and rainy
    53° | 40°
  • Thu Rain and snow showers early; windy
    39° | 36°