After the June announcement that Tyson Foods will acquire Hillshire Brands, New Jersey-based Pinnacle Foods said Tuesday it is exercising its right to terminate the agreement it made to merge with Hillshire.
As a result of the termination, Pinnacle is entitled to a $163 million payout from Hillshire. According to Pinnacle, one-time fees and expenses associated with the merger agreement, including external advisors and employee incentives, are expected to total approximately $25 million.