Boston, MA 08/29/2014 (wallstreetpr) – As per the report in CNN Money, Tyson Foods, Inc. (NYSE:TSN) successfully completed the amalgamation with the Hillshire Brands Co (NYSE:HSH). In fact, the transaction placed Tyson in a leading position in the prepared foods industry.
CEO to leave after transition period
Also, as per the news published in Chicago Tribune, the CEO of Hillshire officially becomes a member of Tyson Foods, Inc. (NYSE:TSN). According to Springdale, Arkansas-headquartered Tyson, while some of the executives of Hillshire decided to continue with it, the CEO and President, Sean Connolly, has planned to depart following a period of transition.
Also, the Hillshire shares would perhaps be de-listed and bring its trading to a halt prior to the opening of the market.
Bidding war winner
The fusion of the two leading companies occurred trailing the success of Tyson Foods, Inc. (NYSE:TSN) in a bidding war to acquire Hillshire Brands Co (NYSE:HSH), back in June. The official takeover process started in July after relinquishing a breakup fee of $163 million to Pinnacle Foods Inc (NYSE:PF). Hillshire revealed its plans to buyback Pinnacle Foods, in May.
Tender offer
On August 28, The Hillshire Brands Co (NYSE:HSH) and Tyson Foods, Inc. (NYSE:TSN) unveiled the successful conclusion of Tyson’s tender offer to buy all the outstanding shares of the Hillshire’s ordinary stock in return of $63.00 a share, exclusive of interest.
CEO of Tyson praises the acquisition
The CEO of one of the leading processor and marketers of beef, pork and chicken, Donnie Smith praised the deal as instrumental to moving Tyson Foods, Inc. (NYSE:TSN) to higher-margin branded and prepared foods more expeditiously, than it could have achieved on its own.
Ex-dividend trading
Also, going by the report published in NASDAQ, the leader in branded, convenient foods, Hillshire Brands Co (NYSE:HSH) is scheduled to initiate trading ex-dividend on August 29, 2014. The company is supposed to make a cash-dividend payment of $0.175 a share, and it is scheduled to be payable on October 7, 2014. The company’s shareholders who bought the stocks before the ex-dividend rate are entitled to be paid the cash-dividend. It would be the 5th quarter for Hillshire Brands Co (NYSE:HSH) making the same dividend-payment.
