Hillshire lays out path to end deal with Pinnacle Foods

Hillshire Brands said on Monday its board would no longer back its planned $4.3 billion takeover of Pinnacle Foods, paving the way for the company to sell itself to Tyson Foods for $7.7 billion.

When Tyson won a bidding war for the company, it stipulated Hillshire must end its pending buyout of Pinnacle, according to the New York Times.

Hillshire would pay a $163 million breakup fee to Pinnacle after ending the deal.

Read more from the New York Times.