Hillshire To Review Tyson Foods' $6.8 Bln Acquisition Proposal - Quick Facts

(RTTNews) - Hillshire Brands Co (HSH) said Thursday it will review the unsolicited proposal by meat products provider Tyson Foods Inc (TSN) to acquire Hillshire for $50 per share in cash.

"Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, Hillshire Brands' Board will thoroughly review the Tyson Foods proposal," Hillshire said in a statement.

Earlier today, Tyson offered to acquire Hillshire for $6.8 billion, trumping a rival $6.4 billion bid by chicken products maker Pilgrim's Pride Corp (PPC). Following the announcement, shares of Hillshire surged over 15 percent.

Tyson noted that the acquisition of Chicago, Illinois-based Hillshire would enable it to expand into the breakfast foods category.

Springdale, Arkansas-based Tyson's $50 per share offer for Hillshire represents a 11 percent premium to Hillshire's closing stock price of $44.99 on Wednesday. The offer price is also more than $45 per share that Pilgrim's Pride offered for Hillshire.

Centerview Partners and Goldman, Sachs & Co. are acting as financial advisors to Hillshire Brands, and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor.