The May 12 announcement brings together two Food Processing Top 100 companies both known for their frozen, refrigerated brands.
Hillshire Brands Co. and Pinnacle Foods Inc. announced on May 12 that Hillshire Brands will acquire all outstanding shares of Pinnacle Foods in a cash and stock transaction. Under the terms of the agreement, each share of Pinnacle Foods common stock will be exchanged for $18 in cash and 0.50 shares of Hillshire Brands common stock.
According to a report, the total value of the transaction is approximately $6.6 billion.
Hillshire Brands was created in 2012 when Sara Lee split to form two publicly-traded companies. The company is known for its Hillshire Farm, Ball Park, Jimmy Dean, and State Fair brands. Pinnacle Foods manufacturers Birds Eye frozen food, Duncan Hines baking mixes and frostings, and Snyder of Berlin snack foods.
Hillshire Brands also recently acquired Van's Natural Foods for $165 million. You can read about it on FoodProcessing.com Hillshire to Acquire Van's Natural Foods
