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    Hillshire Withdraws From Pinnacle Merger

    N.J.-based company entitled to $163M termination fee

    In the wake of its recent acquisition by Tyson Foods in a transaction valued at $7.8 billion, the Hillshire Brands Co. has withdrawn its plans to buyout Pinnacle Foods Inc., as per the terms of the Tyson agreement.

    In light of discussions with outside legal counsel, Chicago-based Hillshire Brands determined that Tyson's offer constitutes a "superior proposal," and would benefit the company's stockholders financially more so than the Pinnacle deal.

    Following approval by Hillshire Brands' board, Pinnacle will be entitled to a $163 million termination fee. 

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