Pinnacle Foods Lets Hillshire Out Of Sale Pact
Pinnacle Foods said Monday it has scrapped its sale to Hillshire Brands, freeing Hillshire to be acquired by Tyson Foods. Pinnacle Foods, which makes Birds Eye frozen vegetables, Duncan Hines cake mixes and Hungry-Man frozen dinners, said it will get a $163 million breakup payment from Hillshire. The Parsippany, N.J., company said it expects about $25 million in one-time costs connected to the scratched sale. Chicago-based Hillshire Brands agreed to buy Pinnacle Foods for $4.23 billion in May.
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