Monday, May 12, 2014

Pinnacle Foods Signs Definitive Agreement for Sale of Company to Hillshire Brands

Pinnacle Foods announced today that it has entered into a definitive agreement for the sale of the Company to Hillshire Brands in a transaction to include cash and Hillshire common stock.  Hillshire will acquire all outstanding shares of Pinnacle Foods.  Pinnacle stockholders will receive $18.00 in cash for each share held, along with Hillshire common stock at a fixed exchange ratio of 0.50 Hillshire shares for each Pinnacle share.  The transaction represents an implied premium of approximately 80% since Pinnacle's March 28, 2013 IPO.  Here is the news release on Pinnacle's website.