Davis Polk is advising Tyson Foods, Inc. on its $8.55 billion unilaterally binding offer to acquire all outstanding shares of The Hillshire Brands Company. The offer is subject to Hillshire Brands being released from its existing agreement to acquire Pinnacle Foods Inc. The offer was unanimously approved by the board of directors of Tyson Foods and will remain in effect until December 12, 2014.
Tyson Foods, with headquarters in Springdale, Arkansas, is one of the world’s largest processors and marketers of chicken, beef and pork. Hillshire Brands is a leader in branded foods with a portfolio that includes iconic brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Sara Lee frozen bakery and Chef Pierre pies, as well as artisanal brands Aidells, Gallo Salame and Golden Island Jerky.
The Davis Polk corporate team includes partners George R. Bason Jr., Arthur F. Golden, Richard D. Truesdell Jr. and Marc O. Williams, and associates Lee Hochbaum and Harold Birnbaum. Partner Joseph P. Hadley and associate Derek Dostal are providing financing advice. Partner Ronan P. Harty is providing antitrust and competition advice. Partner Edmond T. FitzGerald is providing executive compensation advice. Partner Neil Barr is providing tax advice. Counsel Scott B. Luftglass is providing litigation advice. All members of the Davis Polk team are based in the New York office.
