Tyson moving forward with Hillshire deal

Tyson Foods Inc. has officially signed a deal to purchase Hillshire Brands Co. for $8.55 billion.

The Springdale, Ark.-based chicken company inked the deal with the Chicago-based sausage company Wednesday.

Arkansas Business reports the deal represents an offer of $63 per share for Hillshire’s 123 million outstanding shares and the assumption of Hillshire’s debt. Tyson also said it would pay $163 million to Pinnacle Foods Inc. on behalf of Hillshire to terminate the deal Hillshire had to purchase Pinnacle.

Tyson originally offered $50 per share in May and Pilgrim's Pride countered with $55 per share.

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