Pinnacle Foods terminates merger agreement with Hillshire Brands
Pinnacle Foods Inc., Parsippany, NJ, announced on June 30 that it has exercised its right to terminate its merger agreement with The Hillshire Brands Co., Chicago, announced on May 12.
Pursuant to the terms of the merger agreement, Pinnacle is entitled to receive a cash payment from Hillshire Brands of $163 million as a result of this termination. Pinnacle indicated that one-time fees and expenses associated with the merger agreement, including external advisers and employee incentives, are expected to total approximately $25 million.