Timeline: Tyson's Winning Offer for Hillshire

June 10, 2014 07:47 AM

Tyson has won a bidding contest to buy Hillshire Brands, the maker of Jimmy Dean sausages and Ball Park hot dogs, with an offer of $63 per share. The company beat out rival meat heavyweight Pilgrim's Pride.

Here's a look at how the offer came to be.

— May 9 — Hillshire's stock closes at $36.95.

— May 12 — Hillshire announces deal to buy Pinnacle Foods, which makes Birds Eye frozen vegetables, Wish Bone salad dressings and Hungry Man frozen dinners. The deal includes a clause that lets Hillshire consider proposals that might be more favorable to its shareholders, opening the door for Hillshire suitors.

— May 27 — Pilgrim's Pride offer $45 per share for Hillshire, saying its offer is a superior alternative to Hillshire's plan to buy Pinnacle since they're both meat companies. The offer is contingent on the termination of Hillshire's deal to buy Pinnacle. Pilgrim's Pride says it will pay the $163 million breakup fee to end the deal with Pinnacle.

—May 29 — Tyson Foods enters the fray with a $50 per share offer for Hillshire. Like Pilgrim's Pride, Tyson is looking to expand its lineup of branded, prepared products, which are more profitable than minimally processed meats such as chicken breasts. Tyson's offer is also contingent on the termination of the Pinnacle deal.

— June 2 — Pilgrim's Pride raises its offer to $55 per share.

— June 3 — Hillshire announces it will hold separate talks with Tyson and Pilgrim's Pride.

— June 9 — Tyson announces its winning offer of $63 per share for Hillshire. Pilgrim's Pride says it will withdraw its offer. Pinnacle has yet to say whether it will agree to walk away from the deal.

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