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Tyson Starts Process to Buy Hillshire Brands

18 July 2014

US - Tyson Foods has started the process to buy Hillshire Brands.

The US meat and poultry processing giant began the cash tender offer for all outstanding shares in The Hillshire Brands Company at a price of $63a share.

The tender offer is being made following the merger agreement which was announced on 1 July.

July 1, 2014 among the two companies and HMB Holdings, Inc., a wholly owned subsidiary of Tyson Foods.

The tender offer period will end on 12 August,, unless the offer is extended.

Tyson Foods has filed a tender offer statement on Schedule TO with the United States Securities and Exchange Commission (SEC).

Tyson is acquiring Hillshire through its subsidiary HMB Holdings.

The Offer to Purchase contained within the Schedule TO sets out the terms and conditions of the tender offer.

Hillshire Brands has also filed a Solicitation/Recommendation Statement with the SEC, which includes the recommendation of the Hillshire board of directors that Hillshire Brands stockholders tender their shares in the tender offer.

Following successful completion of the tender offer, any shares not acquired in the tender offer will be acquired in a second-step merger at the same $63 per share cash price.

Closing of the tender offer is conditioned upon customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and there being validly tendered and not validly withdrawn a number of shares of Hillshire common stock equal to at least two-thirds of the total outstanding shares of Hillshire common stock.

The offer is not subject to any financing condition.

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