Hillshire Brands Withdraws Recommendation of Pending Merger With Pinnacle Foods

CHICAGO--(BUSINESS WIRE)--The Hillshire Brands Company (NYSE: HSH) today announced that its board of directors has unanimously determined to withdraw its recommendation of the pending acquisition of Pinnacle Foods Inc. (NYSE: PF). In light of the previously disclosed $63.00 per share all-cash unilaterally-binding proposal from Tyson Foods, Inc. (NYSE: TSN) to acquire Hillshire Brands, and after consultation with outside legal counsel, the Hillshire Brands board in good faith determined that it would be inconsistent with their duties as directors of Hillshire Brands to fail to withdraw its recommendation of the Pinnacle Foods acquisition. The Hillshire Brands board now recommends a vote against the Pinnacle Foods transaction.