Tyson extends tender deadline for Hillshire Brands

by The City Wire staff (info@thecitywire.com) 3 views 

Tyson Foods and Hillshire Brands were asked to provide more details on their pending merger to the U.S. Department of Justice's Antitrust Division.

The request relates to a "very small portion" of the combined business, the companies said in a combined statement.

As a result of this recent request Tyson has extended the offering period of its previously announced tender agreement to pay $63 per share for Hillshire Brands up to midnight on Aug. 12. Tyson extended the cash offer until Tuesday, Aug. 19.

Tyson and Hillshire Brands continue to expect that the transaction, which remains subject to customary closing conditions, will be completed by or before Sept. 27. As of Aug. 12 about 91.22 million shares had been tendered. This represented about 73% of the company’s outstanding shares.

Wall Street experts expect the deal will pass muster with the Trust Department given the two companies will continue to sell their branded products.