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Stock Market & Financial Investment News

News Breaks
June 3, 2014
06:28 EDTHSH, PPC, PFPilgrim's Pride confirms revised proposal to acquire Hillshire at $55 per share
Pilgrim's Pride (PPC) confirmed that on June 1, it submitted a revised proposal to acquire Hillshire Brands (HSH) for $55.00 per share in cash in a transaction valued at $7.7B. The proposal represents an increase of $1.3B versus Pilgrim's initial proposal, and a 49% premium over Hillshire's share price one day prior to the announcement of its transaction with Pinnacle Foods (PF). Pilgrim's revised proposal is not subject to any financing conditions or contingencies. Pilgrim says it is confident the transaction is strategically and financially compelling, and creates considerable value for the shareholders of both Pilgrim's and Hillshire. Pilgrim's anticipates run-rate cost synergies in excess of $300M annually to come from operational and value-chain efficiencies. Pilgrim's expects the increased cash flow from the combined company and the realization of synergies will allow it to rapidly pay down the initial acquisition debt. Pilgrim's projects the combination to be immediately accretive to earnings due to these significant synergies and the availability of attractive financing terms.
News For HSH;PPC;PF From The Last 14 Days
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August 26, 2014
13:03 EDTHSHTyson Foods, Hillshire Brands announce extension of tender offer
Tyson Foods (TSN) and The Hillshire Brands Company (HSH) announced that Tyson has extended the offering period of its previously announced tender offer to purchase all of the outstanding shares of common stock of Hillshire Brands for $63.00 per share in cash, without interest, subject to any withholding of taxes required by applicable law and upon the terms and subject to the conditions set forth in the Offer to Purchase dated July 16. Pursuant to the Agreement and Plan of Merger, dated July 1, by and among Tyson, HMB Holdings and Hillshire Brands, the Offer, which was previously scheduled to expire at 12:00 midnight, New York City time, at the end of Tuesday, August 26, has been extended until 12:00 midnight, New York City time, on Wednesday, August 27, unless it is extended further under the circumstances set forth in the Merger Agreement. All terms and conditions of the Offer shall remain unchanged during the extended period.
12:09 EDTPPCSanderson Farms tumbles after Q3 results fall short of expectations
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August 19, 2014
18:19 EDTHSHTyson, Hillshire announce extension of tender offer for shares of Hillshire
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August 14, 2014
17:16 EDTHSHPaulson & Co gives quarterly update on stakes
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August 13, 2014
10:03 EDTHSH, PFPinnacle Foods says Hillshire Brands failed deal caused 'six weeks' distraction
Pinnacle Foods (PF) says it has not lost any key executives following the "six weeks of distraction" caused by its aborted merger with Hillshire Brand (HSH). The company said it lost six weeks to investigate other M&A during that time, but that Pinnacle plans to be a consolidator and is back and active on exploring M&A opportunities. Comments from Pinnacle Foods' Q2 earnings conference call.
08:34 EDTPFPinnacle Foods backs FY14 EPS $1.70-$1.75, consensus $1.74
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08:33 EDTPFPinnacle Foods reports Q2 North American Retail sales up 11% to $536.2M
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08:32 EDTPFPinnacle Foods reports Q2 EPS 33c, consensus 33c
Reports Q2 revenue $617.8M, consensus $629.33M
07:32 EDTHSHHillshire Brands not providing public targets for FY15
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07:31 EDTHSHHillshire Brands reports Q4 adjusted EPS 33c, consensus 26c
Reports Q4 revenue $1.1B, consensus $994.1M. As previously announced, on July 1, Hillshire Brands entered into a definitive agreement with Tyson Foods (TSN) under which Tyson will acquire all outstanding shares of Hillshire Brands for $63 per share. On August 12, 2014, each of Tyson and Hillshire Brands received a request for additional information, each often referred to as a “second request,” from the Antitrust Division of the Department of Justice in connection with the proposed acquisition. Each second request was issued pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The second requests relate only to a very small portion of the combined Tyson/Hillshire Brands business, and the parties are working expeditiously to resolve this matter with the Antitrust Division. Tyson and Hillshire Brands continue to expect that the transaction, which remains subject to customary closing conditions, will be completed by September 27.

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