Pinnacle Foods Inc. has terminated its merger agreement with the Hillshire Brands Co., Chicago. The move paves the way for Tyson Foods, Inc., to acquire Hillshire for a purchase price in excess of $8 billion.
Pinnacle Foods said it is entitled to receive a cash payment from Hillshire Brands of $163 million as a result of the termination. Pinnacle indicated that one-time fees and expenses associated with the merger agreement, including external advisors and employee incentives, are expected to total approximately $25 million.
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