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"Tyson Foods announced Wednesday the company entered into a definitive agreement to acquire Hillshire Brands.. The all-cash transaction is valued at $8.55 billion.\u00A0Tyson Foods will acquire all outstanding shares of Hillshire Brands for $63 per share.In addition, Tyson Foods will be making a payment of the $163 million termination fee associated with the termination of Hillshire Brands' merger agreement with Pinnacle Foods Inc.The board of directors of Hillshire Brands has accepted the notice of termination received from Pinnacle Foods and the previously announced transaction has been terminated.\"By investing in Hillshire Brands and its collection of leading brands, we have a unique opportunity to transform an important segment of our business, and position Tyson Foods to meet American consumers' growing demand for protein at breakfast and throughout the day,\" said Donnie Smith, president and chief executive officer of Tyson Foods.\"We operate in a competitive and complex marketplace that demands bold steps to remain an industry leader. I am confident that together Tyson Foods and Hillshire Brands have the right products and the right people to create years of enhanced shareholder value and ensure more choices for our customers and consumers.\"The combination of Tyson Foods and Hillshire Brands will reposition Tyson as a clear leader in the retail sale of prepared foods, with a complementary portfolio of well-recognized brands, including Tyson(R), Wright(R), Jimmy Dean(R), Ball Park(R), State Fair(R) and Hillshire Farm(R). In particular, the strength of Hillshire Brands' products in the breakfast category will allow Tyson Foods to capture opportunities in this attractive and fast-growing day part.Sean Connolly, president and chief executive officer of Hillshire Brands, said, \"After thoughtful consideration, our board of directors concluded that a combination with Tyson Foods represents a unique opportunity to provide shareholders with significant and immediate value while also positioning our business for continued success."^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.4029tv.com/article/tyson-foods-and-hillshire-brands-announce-merger/4952821>