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McClatchy-Tribune  08/13/2014 1:51 PM ET
BRIEF: Justice Department seeks more info on Tyson, Hillshire deal [Chicago Tribune :: ]

Aug. 13--Tyson Foods Inc. and Hillshire Brands Co. said that they have received requests for additional information from the U.S. Department of Justice regarding Tyson's plan to buy Hillshire.

The so-called second requests relate to just a "very small portion" of the companies' combined business, and the companies are working "expeditiously" to resolve this matter with the DOJ's antitrust division, Tyson and Hillshire said in a joint statement.Companies involved in mergers often get second requests for information as the government looks into the proposed deals. Companies sometimes sell off some of their assets in order to get the government's approval on mergers.Tyson said it has extended the offering period of its $63 per share tender offer for Hillshire shares by a week, until Aug. 19, due to the second requests. The companies said that they still expect the deal to close on or before Sept. 27, subject to customary closing conditions.

Hillshire reported a fourth-quarter profit on Wednesday. Its sales jumped nearly 11 percent to $1.06 billion, helped by higher prices.

jwohl@tribune.com

Follow @JessicaWohl Follow @chibreakingbiz

 

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