Tyson, Hillshire settle with DOJ
|The US Department of Justice pressed Tyson Foods for more information about its plans to acquire The Hillshire Brands Co.
SPRINGDALE, Ark. – Tyson Foods Inc. and The Hillshire Brands Company have reached a settlement with the US Department of Justice. The settlement is in connection with Tyson's proposed acquisition of Hillshire Brands.
“...Tyson and Hillshire Brands have agreed with the DOJ upon a proposed settlement, which has been filed today in the US District Court for the District of Columbia," Tyson said in a statement. "The settlement is subject to approval by the court under the traditional procedures set forth in the Antitrust Procedures and Penalties Act.”
The US Department of Justice’s Antitrust Division pressed for additional information from Tyson about the acquisition. Tyson said the request related “only to a very small portion of the combined Tyson/Hillshire Brands business …”
As a result of the request, Tyson extended its offer to purchase all of the outstanding shares of Hillshire Brands. The offer expires at the end Aug. 27. Tyson agreed to buy all outstanding shares of common stock of Hillshire Brands for $63.00 per share in cash.