Home Indiana Agriculture News Tyson, Hillshire Merger, Delayed Another Week

Tyson, Hillshire Merger, Delayed Another Week

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Tyson-LogoTyson Foods has again extended the offering period for its offer to buy Hillshire Brands due to  the Justice Department’s request for more information on the merger.  The department’s Antitrust Division is seeking more information on the large merger of Tyson and Hillshire.  That came after U.S. Senator Charles Grasssley of Iowa asked the Justice Department to take a harder look at the $7.7 billion deal.  Grassley was concerned of a possible decrease in competition in the pork industry, according to Meatingplace. Grassley’s request echoed worries expressed by a group of farm, ranch and consumer groups  that had also contacted the Justice Department.  The so-called tender offer, at $63 a share, was extended by another week and is set to close on August 26th.

Tyson Foods issued a statement saying “The offer has been extended to allow additional time for the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.”  Tyson Foods,  is one of the world’s largest processors and marketers of chicken, beef and pork, the second-largest food production company in the Fortune 500 and a member of the S&P 500.