Tyson says tender offer for Hillshire completed

Posted: August 28, 2014 at 10:11 a.m.

Tyson Food's tender offer to acquire Hillshire Brands at $63 a share has been successfully completed, a day after the companies reached a settlement with the Justice Department's antitrust division to clear the way for the $8.5 billion acquisition.

Springdale-based Tyson said in a statement that nearly 87 million Hillshire shares representing some 70 percent of the total number of outstanding shares were "validly tendered and not validly withdrawn pursuant to the Offer" as of 11 p.m. Wednesday.

Tyson added that it expects to complete the merger with Hillshire later Thursday.

"... [I]n connection with the merger, all remaining shares of common stock of Hillshire Brands will be converted into the right to receive $63 per share in cash, without interest, the same price that was paid in the Offer," the statement said.

Hillshire will become a subsidiary of Tyson, and its shares will no longer be publicly traded.

Tyson announced Wednesday that it would divest itself of Heinold Hog Markets, its sow-purchasing business, in the antitrust settlement. Hog breeders had raised concerns that the deal would hurt competition in the marketplace.

Read Friday's Arkansas Democrat-Gazette for full details.