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Tyson Wins Bid for Hillshire Brands with $7.7 Billion Deal

Tyson Wins Bid for Hillshire Brands with $7.7 Billion Deal


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Tyson's acquisition of Hillshire Brands is valued at $8.55 billion including the company's debt

After a two-week bidding war with Pilgrim's Pride, Tyson Foods is expected to complete the acquisition of Hillshire Brands.

After a two-week bidding war between Pilgrim’s Pride and Tyson Foods to acquire Hillshire Brands, Tyson Foods has come out on top with a winning bid of $7.7 billion. Including Hillshire’s debt, the deal is valued at $8.55 billion.

The bidding war first began on May 27, when poultry giant Pilgrim’s Pride made an unsolicited offer of $5.5 billion. The deal was challenged two days later with a $6.1 billion offer from Tyson.

The subsequent battle for Hillshire Brands has dramatically raised the company’s profile, which has an estimated value that, at $7.7 billion, is 71 percent higher than its market capitalization before the bidding began, according to The New York Times.

As of Monday, June 9, Pilgrim’s Pride has announced that it will withdraw its offer, leaving Tyson on top. As a condition of acquisition talks with both contenders, Hillshire is expected to terminate its own acquisition of Pinnacle Foods, established earlier in May. The $4.3 billion acquisition (estimated total worth $6.6 billion, including debt), is thought to weigh Hillshire down.

If the Hillshire board terminates the deal or votes against the transaction as expected, Pinnacle will receive a “breakup fee” of $163 million.

Karen Lo is an associate editor at The Daily Meal. Follow her on Twitter @appleplexy.


Hillshire Brands in center of meat bidding war as Tyson makes $6.2 billion offer

Hillshire Brands takeover offers by the two major meat processors are being driven by the desirability of brand-name processed products like Jimmy Dean breakfast sandwiches.

Hillshire Brands is at the center of a barnyard brawl.

Tyson Foods, the largest U.S. meat processor, on Thursday made a $6.2 billion offer for the maker Jimmy Dean sausages and Ball Park hot dogs, topping a bid made two days earlier by rival poultry producer Pilgrim's Pride. Based in Greeley, Colorado, Pilgrim's Pride is owned by Brazilian meat giant JBS.

The takeover bids for Hillshire by the two major meat processors are being driven by the desirability of brand-name processed products like Jimmy Dean breakfast sandwiches. The convenience foods are more profitable than fresh meat, such as chicken breasts, where there isn't as much wiggle room to pad prices.

Selling more types of products also would give the companies a buffer from volatile price swings of fresh meat. When beef prices rise and shoppers turn to other meats, the companies can sell more chicken or bacon, for example.

While both Tyson and Pilgrim's sell some prepared products like frozen fried chicken pieces, their main business has been as suppliers of fresh meat for supermarkets and restaurant chains.

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Both offers are contingent on Hillshire abandoning its plan to acquire Pinnacle Foods, which makes Birds Eye frozen vegetables and Wish-Bone salad dressings. Hillshire had been trying to diversify its own portfolio by moving into other areas of the supermarket with the $4.23 billion acquisition.

But some investors questioned whether combining with Pinnacle made sense, given the sharp differences in product categories and the outdated image of some Pinnacle brands, such as Hungry Man frozen dinners.

Hillshire said earlier it strongly believes in its deal with Pinnacle Foods but would review Pilgrim's offer. In its latest statement on Thursday, the Chicago-based company said it would review Tyson's offer as well and made no mention of its Pinnacle deal.

Pilgrim's Pride said it is considering its options and will "update the markets in due course," making no mention of whether it planned to raise its offer. Pinnacle didn't respond to request for comment.

Earlier this week, J.P. Morgan analyst Ken Goldman had noted other potential suitors for Hillshire could emerge, including Tyson and Cargill. Goldman suspended his ratings for Hillshire and Tyson on Thursday because of J.P. Morgan's role in the deal on behalf of Tyson.

A representative for Cargill declined to comment.

Tyson and other meat producers are facing changing consumer tastes and volatile meat prices. In addition to helping profit margins, moving more heavily into branded products is seen as helping to diversify portfolios and creating more stability in financial results. The offer by Tyson could also be a defensive move to prevent rival JBS from becoming an even bigger player.

Tyson's offer of $50 per share. That's $5 per share higher then Pilgrim's Pride's bid. Hillshire has about 124 million shares outstanding, according to SEC filings. Tyson values the deal at $6.8 billion, including debt.

Tyson's offer is a 35 percent premium to Hillshire's closing price May 9, the day before Hillshire announced its bid for Pinnacle.

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Shares of The Hillshire Brands Co. jumped $7.69, or 17 percent, to $52.50, above the latest offer price.

Meanwhile, Tyson Foods Inc. shares rose nearly 8 percent to $43.85. Shares of Pilgrim's Pride Corp. fell 1 percent to $25.01 and shares of Pinnacle Foods Inc. rose 1 percent to $31.80.


Tyson Foods Wins High-Priced Bid For Hillshire Brands

Tyson Foods acquired Hillshire Brands on Monday, after a high-priced bidding war that caused analysts to raise their eyebrows over the deal's value and future effects.

On May 12, Hillshire Brands acquired Pinnacle Foods, distributor of foods like Bird's Eye frozen vegetables and Vlasic pickles, for $6.6 billion dollars. As part of the deal, Hillshire also assumed Pinnacle's debt-about five times its earnings before interest, taxes, depreciation and amortization (EBITDA).

Meat packaging companies are fighting to amass profitable brands amid higher prices for pork, chicken and beef in the United States.

Tyson won Hillshire after beating out chicken producer Pilgrim&aposs Pride by $8 per share-$63 dollars to Pilgrim's Pride's $55.

Analysts are concerned that, amidst the bidding war, Tyson greatly overpaid for Hillshire. Another cause for concern is that the merger will monopolize meat production and stifle market competition.


Tyson's $8 Billion Bid For Hillshire Makes It The King Of The Chicken Coop

The fight between poultry companies Tyson Foods and Pilgrim's Pride over Jimmy Dean maker Hillshire Brands seems to have finally found a winner. Hillshire confirmed Monday morning that Tyson has upped its original $6.8 billion bid by more than $1 billion meanwhile, Pilgrim's Pride said that it has withdrawn its offer for Hillshire. Despite Hillshire's insistence that it is not willing to back away from its $4 billion deal for Aunt Jemima maker Pinnacle Foods, it would seem that the increased offer has made Tyson the king of the coop.

Hillshire said Monday that it has received a "unilateral binding offer" from Tyson Foods to acquire all outstanding shares of Hillshire Brands for $63 per share in cash. This offer, $13 per share higher than its original $50 per share offer, gives the deal a total value of $8.55 billion and marks a near 7% premium to Hillshire's $58.92 Friday close. The offer is also a 59.5% premium over Hillshire's $36.95 closing price on May 9, the last trading day before Hillshire announced its intention to acquire Pinnacle Foods for $4.2 billion.

In a separate announcement Monday morning, Pilgrim's Pride, which last week increased its $45-per share all cash offer to a $55 per-share all cash bid, said it is withdrawing its offer for the maker of Jimmy Dean sausages and Ball Park franks.

"As a disciplined acquirer, we determined that it was in the best interests of our shareholders not to increase our proposed price of $55.00 per share in cash," Bill Lovette, Pilgrim's CEO, said in a statement. "Pilgrim's will maintain its strong focus on operational excellence and shareholder value, while pursuing acquisition opportunities that advance our stated strategy."

This decision, along with reports from the New York Times and Reuters, would indicate that the food fight is over. But in a statement released early Monday morning, Hillshire said that it has not yet called off its deal with Pinnacle (which would need to be terminated in order for the Tyson bid to take effect).

"The Hillshire Brands board of directors has not approved the Tyson Foods offer, has not changed its recommendation regarding the Pinnacle merger and is not making any recommendation with respect to the Tyson offer," the company said. "Hillshire Brands does not have the right to terminate the merger agreement with Pinnacle Foods on the basis of the Tyson Foods offer or enter into an agreement with Tyson Foods prior to its termination. There can be no assurance that any transaction will result from the Tyson Foods offer."

Even so, there is a clause in Hillshire's Pinnacle Foods deal that allows it to terminate the deal if it receives a "superior proposal," and Tyson has previously said that it believes its offer for Hillshire is, indeed, a superior proposal. If Hillshire does decide it agrees with Tyson, it would owe Pinnacle a $163 million break-up fee.

In the wake of Pilgrim's withdrawal and Tyson's increased offer, Hillshire is flying high at $61.78 in early Monday trading, a 4.8% gain. Its position as a takeover target in the eye of a bidding storm has increased its value nearly 77% since the first trading day of 2014. Tyson, meanwhile, is down 3% in early Monday trading and Pilgrim's Pride is taking a 5.2% dip. Pinnacle Foods stock is relatively unaffected by the news and is trading to an 0.6% gain.


Tyson wins bid for Hillshire in battle of meat titans

By Lisa Baertlein (Reuters) - Tyson Foods Inc won the bidding war for Hillshire Brands Co with an all-cash offer that values the maker of Jimmy Dean sausages at $8.55 billion and would be the biggest deal yet for the global meat business. Tyson, the largest U.S. meat processor, on Monday announced an agreement to buy Hillshire for $63 per share. That topped last week's $55 bid from Pilgrim's Pride Corp , which is majority owned by Brazilian meatpacking giant JBS SA . The high-stakes battle for Hillshire, which also sells Ball Park hot dogs, Jimmy Dean frozen breakfast sandwiches and Aidells artisan sausages, underscores how urgently large commodity meat companies want to gobble up popular, and more profitable, brands. "We want to buy this business for what it can become, not just for what it is now. Great brands like Hillshire, Jimmy Dean and Ball Park just don't come available very often," Tyson Chief Executive Donnie Smith said on a conference call with reporters. "We determined that it was in the best interests of our shareholders not to increase our proposed price," Pilgrim's said in a statement on Monday. Pilgrim's $45 per share offer on May 27 sparked the bidding war. Investors cheered the final deal, sending shares in Hillshire up 5.1 percent to $61.92 in afternoon trading. Analysts had warned that a bidding war could result in the winner overpaying for Hillshire. They also said such a merger could give the winner a competitive advantage that would be hard for the loser to match. To that end, shares in Tyson and Pilgrim's were down 4.9 percent and 6.1 percent, respectively. Athlos Research principal Jonathan Feeney said Tyson overpaid "in a conventional sense." But, he said, Tyson can afford it because of what Hillshire brings to the table with its popular grocery brands. With the Hillshire deal coming to a close, Feeney and others say Kraft Foods Group Inc's Oscar Mayer lunch meat and hot dog brand could be the next target. Tyson's offer for Hillshire expires Dec. 12. It is contingent on Hillshire dropping plans to buy Birds Eye frozen vegetable seller Pinnacle Foods Inc for $6.6 billion deal, including debt. Hillshire on Monday said it had not approved the Tyson offer and had not changed its recommendation that shareholders vote for the Pinnacle deal. Some analysts say China's Shuanghui International Holdings Ltd set the current food fight in motion last May when the company, now called WH Group Ltd, bought Smithfield Foods Inc for $4.7 billion, excluding debt. Tyson's Hillshire offer, excluding debt, comes to $7.7 billion. Tyson plans to fund the deal with existing cash and a fully committed bridge facility from Morgan Stanley Senior Funding Inc and JP Morgan Securities LLC. Four antitrust experts told Reuters the deal likely would win approval from regulators since the companies tend to sell different products. "If there is a category on the branded side that raises an (antitrust) issue, there's always an opportunity to sell off the brand," said Jonathan Lewis, an antitrust expert with the law firm Baker Hostetler. (Reporting by Devika Krishna Kumar, Olivia Oran, Diane Bartz and Supriya Kurane Editing by Kirti Pandey, Ted Kerr and Andrew Hay)

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Tyson wins bid for Hillshire in battle of meat titans

(Reuters) - Tyson Foods Inc (NYSE:TSN - News) won the bidding war for Hillshire Brands Co (NYSE:HSH - News) with an all-cash offer that values the maker of Jimmy Dean sausages at $8.55 billion and would be the biggest deal yet for the global meat business.

Tyson, the largest U.S. meat processor, on Monday announced an agreement to buy Hillshire for $63 per share. That topped last week's $55 bid from Pilgrim's Pride Corp (NasdaqGS:PPC - News), which is majority owned by Brazilian meatpacking giant JBS SA (Sao Paolo:JBSS3.SA - News).

The high-stakes battle for Hillshire, which also sells Ball Park hot dogs, Jimmy Dean frozen breakfast sandwiches and Aidells artisan sausages, underscores how urgently large commodity meat companies want to gobble up popular, and more profitable, brands.

"We want to buy this business for what it can become, not just for what it is now. Great brands like Hillshire, Jimmy Dean and Ball Park just don't come available very often," Tyson Chief Executive Donnie Smith said on a conference call with reporters.

"We determined that it was in the best interests of our shareholders not to increase our proposed price," Pilgrim's said in a statement on Monday. Pilgrim's $45 per share offer on May 27 sparked the bidding war.

Investors cheered the final deal, sending shares in Hillshire up 5.1 percent to $61.92 in afternoon trading.

Analysts had warned that a bidding war could result in the winner overpaying for Hillshire. They also said such a merger could give the winner a competitive advantage that would be hard for the loser to match.

To that end, shares in Tyson and Pilgrim's were down 4.9 percent and 6.1 percent, respectively.

Athlos Research principal Jonathan Feeney said Tyson overpaid "in a conventional sense." But, he said, Tyson can afford it because of what Hillshire brings to the table with its popular grocery brands.

With the Hillshire deal coming to a close, Feeney and others say Kraft Foods Group Inc's (NasdaqGS:KRFT - News) Oscar Mayer lunch meat and hot dog brand could be the next target.

Tyson's offer for Hillshire expires Dec. 12. It is contingent on Hillshire dropping plans to buy Birds Eye frozen vegetable seller Pinnacle Foods Inc (NYSE:PF - News) for $6.6 billion deal, including debt.

Hillshire on Monday said it had not approved the Tyson offer and had not changed its recommendation that shareholders vote for the Pinnacle deal.

Some analysts say China's Shuanghui International Holdings Ltd set the current food fight in motion last May when the company, now called WH Group Ltd, bought Smithfield Foods Inc for $4.7 billion, excluding debt.

Tyson's Hillshire offer, excluding debt, comes to $7.7 billion.

Tyson plans to fund the deal with existing cash and a fully committed bridge facility from Morgan Stanley Senior Funding Inc and JP Morgan Securities LLC.

Four antitrust experts told Reuters the deal likely would win approval from regulators since the companies tend to sell different products.

"If there is a category on the branded side that raises an (antitrust) issue, there's always an opportunity to sell off the brand," said Jonathan Lewis, an antitrust expert with the law firm Baker Hostetler.

(Reporting by Devika Krishna Kumar, Olivia Oran, Diane Bartz and Supriya Kurane Editing by Kirti Pandey, Ted Kerr and Andrew Hay)

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The Digital Education Publishing Market is expected to grow by $ 2.83 bn during 2021-2025, progressing at a CAGR of almost 16% during the forecast period

Global Insulin Pens, Syringes, Pumps and Injectors Market 2021-2030 with Novo Nordisk A/S, Eli Lilly and Co, Medtronic, Abbott, and Insulet Dominating

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Global Insulin Pens, Syringes, Pumps and Injectors Market 2021-2030 with Novo Nordisk A/S, Eli Lilly and Co, Medtronic, Abbott, and Insulet Dominating

Dublin, May 24, 2021 (GLOBE NEWSWIRE) -- The "Insulin Pens, Syringes, Pumps and Injectors Global Market Report 2021: COVID-19 Implications and Growth to 2030" report has been added to ResearchAndMarkets.com's offering. Major players in the insulin pens, syringes, pumps and injectors market are Novo Nordisk A/S (Denmark), Eli Lilly and Company, Medtronic plc (Ireland), Abbott, and Insulet Corporation (US).The global insulin pens, syringes, pumps and injectors market is expected to grow from $18.83 billion in 2020 to $19.26 billion in 2021 at a compound annual growth rate (CAGR) of 2.3%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $25.12 billion in 2025 at a CAGR of 6.9%.Resistance towards self-injection by patients is restraining the insulin pens, syringes, pumps, and injectors market. The fear of injections causes anxiety in some patients thus causing them to avoid the use of insulin injections and being inconsistent in their insulin uptake. According to a report by, National Center for Biotechnology Information (NCBI) anxiety about and the fear of injection-associated pain has been estimated to affect approximately 30%-50% of patients, before the initiation of diabetes education interventions. The report also stated that close to 28% of patients were unwilling to initiate insulin therapy, if prescribed because they were not confident about handling the injections and the anticipated needle pain due to self-injection. This resistance to self-injection due to the fear of needles is hampering the growth of the market.In 2020, Medtronic, an Irish medical device company agreed to acquire Companion Medical, a manufacturer of InPen, for an undisclosed amount. The connected insulin pen helps users to manage their diabetes by tracking insulin doses and active insulin. This acquisition is an ideal strategic fit for Medtronic, to further simplify diabetes management and improve outcomes by optimizing dosing decisions for a large number of people using multiple daily injections (MDI). Companion Medical was founded by people with diabetes that fuels their drive to create insulin technologies that enable users to live their lives with diabetes solutions that make sense.An increase in the prevalence of diabetes globally is driving the growth of the insulin pens, syringes, pumps, and injectors market. The increase in the number of people suffering from obesity, unhealthy eating habits, physical inactivity, and the increasing geriatric population are some of the key factors which are leading to the increase in the global prevalence of diabetes. According to the US Centers for Disease Control and Prevention (CDC) in 2020, around 34.2 million people in the U.S. were suffering from diabetes. Also, according to the International Diabetes Federation, in 2019, globally approximately 463 million adults were living with diabetes by 2045, this number would rise to 700 million, driving the insulin pens, syringes, pumps, and injectors market.The insulin pens, syringes, pumps, and injectors devices and equipment market is regulated by authorities such as the US FDA and European Medicines Agency. For instance, FDA's Title 21 of the Code of Federal Regulations (CFR) provides guidelines for proper labeling of medical devices such as food, drugs, cosmetics, and other medical devices, the manufacturers of these devices must comply and adhere. FDA also provides strict label warnings prohibiting the sharing of insulin injectable medicines, to avoid infections in patients which are caused by the sharing of these insulin devices.Many companies are focusing on technological advancements in insulin delivery systems to deliver insulin effectively and safely. For instance, in June 2018, the US Food and Drug Administration approved MiniMed 670G hybrid closed looped system for curing diabetic individuals aged between 7-13 years of age. It is a diabetes management device that automatically monitors glucose and provides appropriate level insulin doses needed. It requires little or no input from the user. Similarly, in February 2019, the FDA also approved the Tandem Diabetes Care t: Slim X2 insulin pump. This pump uses interoperable technology that allows patients to customize their diabetes management devices according to their preferences. These devices contain automated insulin dosing systems, continuous glucose monitors, blood glucose meters, or other electronic devices. Key Topics Covered: 1. Executive Summary 2. Insulin Pens, Syringes, Pumps And Injectors Market Characteristics 3. Insulin Pens, Syringes, Pumps And Injectors Market Trends And Strategies 4. Impact Of COVID-19 on Insulin Pens, Syringes, Pumps And Injectors 5. Insulin Pens, Syringes, Pumps And Injectors Market Size And Growth 5.1. Global Insulin Pens, Syringes, Pumps And Injectors Historic Market, 2015-2020, $ Billion 5.1.1. Drivers of the Market 5.1.2. Restraints on The Market 5.2. Global Insulin Pens, Syringes, Pumps And Injectors Forecast Market, 2020-2025F, 2030F, $ Billion 5.2.1. Drivers of the Market 5.2.2. Restraints on the Market 6. Insulin Pens, Syringes, Pumps And Injectors Market Segmentation 6.1. Global Insulin Pens, Syringes, Pumps And Injectors Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion PensInjectors And PumpsSyringes 6.2. Global Insulin Pens, Syringes, Pumps And Injectors Market, Segmentation By End Users, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion HospitalsHomecareOthers 6.3. Global Insulin Pens, Syringes, Pumps And Injectors Market, Segmentation By Pens, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion ReusableDisposable 6.4. Global Insulin Pens, Syringes, Pumps And Injectors Market, Segmentation By Pumps, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion Tubed PumpsTubeless Pumps 7. Insulin Pens, Syringes, Pumps And Injectors Market Regional And Country Analysis 7.1. Global Insulin Pens, Syringes, Pumps And Injectors Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion 7.2. Global Insulin Pens, Syringes, Pumps And Injectors Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion Companies Mentioned Novo Nordisk A/SEli Lilly and CompanyMedtronic plcAbbottInsulet CorporationSanofiRocheF. Hoffmann-La Roche LtdBectonAnimas CorporationYpsomed Holding AGDickinson and CompanyValeritas IncMannKind CorporationTandem Diabetes Care Inc.Biocon Ltd.B. Braun Melsungen AGBD For more information about this report visit https://www.researchandmarkets.com/r/pyb8m6 CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

The Digital Education Publishing Market is expected to grow by $ 2.83 bn during 2021-2025, progressing at a CAGR of almost 16% during the forecast period

Digital Education Publishing Market in US 2021-2025. The analyst has been monitoring the digital education publishing market in US and it is poised to grow by $ 2. 83 bn during 2021-2025, progressing at a CAGR of almost 16% during the forecast period.New York, May 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Education Publishing Market in US 2021-2025" - https://www.reportlinker.com/p04793536/?utm_source=GNW Our report on digital education publishing market in US provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.The report offers an up-to-date analysis regarding the current us market scenario, latest trends and drivers, and the overall market environment. The market is driven by the competitive price of digital educational content and the increasing number of e-learning enrolments in the higher education sector. In addition, competitive price of digital educational content is anticipated to boost the growth of the market as well.The digital education publishing market in US analysis includes product segment and end-user segment.The digital education publishing market in US is segmented as below:By Product• Digital textbooks• Digital assessment books• OthersBy End-user• K12• Higher education• Corporate and skill basedThis study identifies the growing prominence of alternative credentialing as one of the prime reasons driving the digital education publishing market in US growth during the next few years.The analyst presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on digital education publishing market in US covers the following areas:• Digital education publishing market in US sizing• Digital education publishing market in US forecast• Digital education publishing market in US industry analysisThis robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading digital education publishing market in US vendors that include Cengage Learning Inc., Georg von Holtzbrinck GmbH and Co. KG, Houghton Mifflin Harcourt Co., Instructure Inc., John Wiley and Sons Inc., McGraw Hill Education Inc., NIIT Ltd., Pearson Plc, RELX Plc, and Scholastic Corp. Also, the digital education publishing market in US analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.The analyst presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio’s market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.Read the full report: https://www.reportlinker.com/p04793536/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________ CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001

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Tyson Wins Bid for Hillshire Brands

Tyson Foods, Inc. announced it has submitted a unilaterally binding offer to acquire all outstanding shares of The Hillshire Brands Company for a price of $63 per share in cash.

The offer is subject to Hillshire Brands being released from its existing agreement to acquire Pinnacle Foods Inc. in accordance with the terms thereof. It follows a bidding process conducted by Hillshire Brands that concluded June 8. The all-cash transaction is valued at approximately $8.55 billion, including Hillshire Brands' outstanding net debt, and represents a multiple of 16.7x trailing 12 months adjusted EBITDA or 10.5x including $300 million in synergies.

"The Hillshire Brands acquisition would represent a defining moment for Tyson Foods," says Donnie Smith, Tyson's president and chief executive officer. "Our strategy has been to grow our prepared foods business, and it has been our aspiration to be a leader in retail prepared foods just as we are in chicken. Now we will have those iconic #1 and #2 brands in numerous categories."

The combination of Tyson and Hillshire Brands would reposition Tyson as a leader in the retail sale of prepared foods, with a complementary portfolio of brands including Tyson, Wright Brand, Jimmy Dean, Ball Park, State Fair, and Hillshire Farm.

"After a disciplined process to identify ways of growing our Prepared Foods segment, we are convinced that combining Tyson and Hillshire Brands would make strategic, financial and operational sense and would stabilize earnings by increasing return on sales and de-commoditizing our business," Smith said.

The offer was unanimously approved by the Board of Directors of Tyson Foods. The offer will remain in effect until December 12, 2014, the final termination date of the Hillshire Brands/Pinnacle Foods agreement. If that agreement is terminated in accordance with its terms, Hillshire Brands would be able to accept the offer, with the result that binding definitive agreements could become effective. Any transaction would be subject to regulatory approval and other customary closing conditions.

"Tyson Foods has a history of growing through strategic acquisition," says John Tyson, chairman of the board. "It is the view of the board of directors that this is truly a transformational opportunity and one that best fits with our strategic plan while enhancing our margins and creating long-term shareholder value."

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News and information presented in this release has not been corroborated by FSR, Food News Media, or Journalistic, Inc.


Tyson Wins Bid for Hillshire With $7.75B Offer

Pilgrim's Pride withdrew its proposal to acquire Hillshire Brands. Meat producer Tyson Foods Inc. won the bidding war for Hillshire Brands with a $7.75 billion offer. Tyson said the combination will help it expand its prepared food business.

NEW YORK (AP) — Meat producer Tyson Foods Inc. has won a bidding war for Hillshire Brands, the maker of Jimmy Dean sausages and Ball Park hot dogs, with a $63 per share offer.

Both Tyson and Pilgrim's Pride had been bidding of Hillshire Brands. Tyson had previously offered $50 per share for the company. Pilgrim's Pride then raised its bid to $55 per share. Pilgrim's Pride says it is withdrawing its offer.

The offer from Tyson is worth $7.75 billion based on Hillshire's 123 million shares outstanding. Tyson values the deal at $8.55 billion, including debt.

Tyson said the combination will help it expand its prepared food business.

The deal is contingent on Hillshire Brands terminating its agreement to buy Pinnacle Foods, which makes Birds Eye frozen vegetables and Wish-Bone salad dressings.


Food Fight: Tyson Counters with $6.8B Bid for Hillshire

Tyson Foods (NYSE:TSN) entered into the race to acquire Hillshire Brands (NYSE:HSH), launching a cash bid of $6.8 billion for the maker of Ball Park hot dogs and Jimmy Dean sausage.

Earlier this week, chicken producer Pilgrim’s Pride (NYSE:PPC) made an unsolicited offer of $45 a share, or $6.4 billion. Tyson’s proposal is worth $50 a share.

Both offers are contingent on the termination of Hillshire’s agreement to buy Pinnacle Foods (NYSE:PF) for $6.6 billion. In response to the offer from Pilgrim’s, Hillshire said it remained committed to its Pinnacle deal but would thoroughly evaluate the takeover bid.

Hillshire shares jumped 17.2% to $52.51 in recent trading, while Tyson rallied 7.2% to $43.68. Pinnacle rose 1.2% to $31.76.

The flurry of bids come as food producers look to broaden their portfolios and combat supply challenges. Most recently, Tyson said a virus affecting piglets in the U.S. will hurt pork production this summer, and drought conditions in California have contributed to weaker cattle supplies.

Meanwhile, Chicago-based Hillshire has said an acquisition of Pinnacle would strengthen the company’s footprint in grocery stores. Pinnacle owns Vlasic pickles and Wish-Bone salad dressing, among other brands. Hillshire also makes its namesake lunch meats and Sara Lee frozen bakery products.

Tyson, the top U.S. meat producer by sales, said its proposal 𠇌onstitutes a significantly superior alternative” to Hillshire’s agreement to buy Pinnacle. Tyson’s offer reflects a 35% premium to Hillshire’s stock price on May 9, one day before the Pinnacle deal was announced.

Tyson chief executive Donnie Smith said the company is “ready to work together with Hillshire’s leadership to quickly reach an acceptable definitive merger agreement.”

Hillshire, which expected its takeover of Pinnacle to close by September, issued a statement saying its board will “thoroughly review” the Tyson proposal.

A representative of Pilgrim’s didn’t respond to a request for comment. According to The Wall Street Journal, Pilgrim’s is reviewing its options after the Tyson announcement.

In a letter to Hillshire CEO Sean Connolly, Smith noted that Tyson “would have preferred to make this proposal to you privately” but chose to take its interest public “in light of current circumstances.”

Smith believes the deal would be a “game-changer” for Tyson, he told analysts during a conference call.

Springdale, Ark.-based Tyson said Hillshire presents an opportunity to significantly increase Tyson’s offerings in the breakfast category. The company also praised Hillshire’s strong brand presence.


Wall St. Braces for Food Fights as Tyson Tops Pilgrim’s Pride’s Bid for Hillshire

Updated, 8:13 p.m. | A week ago, many shareholders of Hillshire Brands were complaining about its planned acquisition of Pinnacle Foods, the maker of Birds Eye frozen vegetables.

Now those investors find themselves at the center of a potential bidding war for their own company, the home of its namesake lunch meats, Ball Park hot dogs and Jimmy Dean sausages.

Hillshire’s turnabout from would-be pursuer to pursued was trumpeted loudly on Thursday by a $6.8 billion bid by Tyson Foods. That buyout offer came two days after a $6.4 billion proposal by Pilgrim’s Pride, another of the country’s big poultry producers. Both offers include the assumption of debt.

The sudden frenzy of deals illustrates how the food industry is pushing for growth. Both Tyson and Pilgrim’s Pride are seeking well-known food brands, which are more profitable than their traditional commodity products. Fattened by high chicken prices and cheap corn feed costs, the two meat companies appear emboldened to pursue deals.

𠇋oth these companies are enjoying peak margins,” said Robert Moskow, an analyst with Credit Suisse. “They’re striking while the iron is hot.”

Tyson’s chief executive, Donald Smith, said in a statement: “We believe that there is a strong strategic, financial and operational rationale for the combination of Tyson and Hillshire.”

Other branded meat purveyors, like Jack Link’s, may find themselves courted by eager suitors as well.

Food companies have sought growth in additional areas, including gluten-free offerings and other health-conscious offerings. Post Holdings agreed last month to buy Michael Foods for $2.5 billion to get into egg whites and potatoes.

Since Hillshire began life as an independent company in 2012 — formed from the breakup of Sara Lee, which spun out its coffee and tea business — Wall Street has considered it a potential target for an acquisition by a bigger company, given its ownership of some of the best-known brands in the supermarket.

That may explain why analysts and investors were surprised and dismayed when the food maker announced its takeover offer for Pinnacle, a deal that critics said would dilute Hillshire’s portfolio of brands too much. JPMorgan Chase analysts, for instance, wrote in a research note earlier this week that they believed the bid by Pilgrim’s Pride would be a better option for shareholders.

Now these shareholders have the option of weighing two big takeover offers for Hillshire. Tyson is offering $50 a share in cash, about 35 percent higher than where Hillshire’s stock price was earlier this month before the offers. Pilgrim’s Pride had offered $45 a share in cash.

Tyson is one of the largest producers of chicken, pork and beef, with more than $34 billion in annual revenue. And Pilgrim’s Pride reaped $8.4 billion in sales last year. By contrast, Hillshire reported $3.9 billion in revenue.

Hillshire has known it was a target for some time. A few months before it made its offer for Pinnacle, Pilgrim’s Pride privately approached the company about a merger but was rebuffed.

The Tyson offer was set in motion after Hillshire made its bid for Pinnacle, according to a person briefed on the process. Tyson was surprised when Pilgrim’s Pride made its own offer this week.

In a letter to Hillshire’s chief executive, Sean M. Connolly, Mr. Smith wrote, “We would have preferred to make this proposal to you privately, but in light of current circumstances we believe that it is in the best interests of your and our shareholders to have current and accurate information about our proposal and the reasons we believe that it is a compelling opportunity for both of our companies.”

With the entrance of the two suitors, analysts said that Hillshire would most likely withdraw from the Pinnacle takeover, since both prospective buyers had made clear that their offers were contingent on the scuttling of the other deal.

“Our interest is in the company on its own, and not as combined with Pinnacle,” Mr. Smith wrote in his letter to Mr. Connolly. �ordingly, the termination of the Pinnacle merger agreement would be a condition to our proposed transaction.”

Hillshire said in a statement on Thursday that it was evaluating Tyson’s offer.

Shares of Hillshire jumped 17.7 percent on Thursday, to $52.76, indicating hope among investors that an even higher bid would come in. But analysts and people involved in the various offers suggested that other companies would be hard pressed to enter a bidding war.

One prospective suitor, Hormel, might be hamstrung by potential antitrust concerns.

Now Pilgrim’s Pride and its majority owner, the Brazilian meatpacking titan JBS, must decide if they want to enter into a bidding war.

JBS has already had to make one strategic shift in response to the Tyson deal. The Brazilian meat company disclosed on Thursday that it had temporarily withdrawn a planned bond offering because it needed to select a new lead underwriter. The soon-to-be-replaced bank structuring the deal is Morgan Stanley, Tyson’s lead adviser.

Sorkin on Sausage Maker’s Bid

Andrew Ross Sorkin reports that Pilgrim’s Pride offered to pay $6.4 billion in cash for Hillshire Brands, hoping to derail the sausage maker’s planned acquisition of a packaged foods company.

Publish Date May 27, 2014. Photo by CNBC.

A version of this article appears in print on 05/30/2014, on page B 3 of the NewYork edition with the headline: Wall St. Braces for Food Fights as Tyson Tops Pilgrim’s Pride’s Bid for Hillshire.


Watch the video: Tyson wins bid to purchase Hillshire Brand (May 2022).


Comments:

  1. Scully

    that's how other people live

  2. Akule

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  3. Vugal

    I have a similar situation. Ready to help.

  4. Akim

    All about one and so endless



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