Tyson Foods to divest Heinold Hog Markets business

Tyson Foods will divest of its subsidiary Heinold Hog Markets, a boars, outs and sows purchasing business that is part of Tyson Hog Markets Inc. Tyson Foods announced August 27 it has agreed to divest of the company as part of an agreement with the Antitrust Division of the U.S. Department of Justice, which has been reviewing Tyson’s proposed acquisition to purchaseHillshire Brands.Heinold, which accounts for less than 1 percent of Tyson’s revenue in 2013, purchases sows from farmers, then resells them to sausage makers.Pursuant to the Department of Justice’s Hold Separate stipulation and order, and proposed final judgment on Tyson’s acquisition of Hillshire Brands, Tyson Foods has 90 calendar days to divest of the company. Until the divestiture, Tyson and Hillshire Brands agreed to operate Tyson Hog Markets Inc. as an independent, ongoing, economically viable competitive business, with management, purchases sales and operations held entirely separate from those of Hillshire Brands.Following the entry of the Hold Separate by the D.C. District Court, the Pre-Merger Notification Office at the Federal Trade Commission granted termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended As a result, the applicable condition to Tyson's previously announced tender offer to purchase all of the outstanding shares of common stock of Hillshire Brands for $63 per share in cash has been satisfied. The offer expired at the end of the day on August 27.

2014-08-28 / Source Go back

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