Pinnacle Foods terminates Hillshire agreement

Pinnacle Foods has exercised its right to terminate its merger agreement with The Hillshire Brands Company announced on May 12, 2014. Pinnacle is entitled to receive a cash payment from Hillshire Brands of $163 million as a result of this termination. Fees and expenses associated with the merger agreement, including external advisors and employee incentives, are expected to total approximately $25 million.

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