CHICAGO--(BUSINESS WIRE)--The Hillshire Brands Company’s (“Hillshire Brands”) (NYSE: HSH) board of directors today declared a regular quarterly dividend of $0.175 per share on the corporation’s common stock, payable on Oct. 7, 2014 (the “Dividend”). The Dividend is payable to stockholders of record at the close of business on Sept. 3, 2014 (the “Record Date”).
As previously announced, on July 1, 2014, Hillshire Brands entered into an agreement and plan of merger (the “Merger Agreement”) with Tyson Foods, Inc. (“Tyson”) and HMB Holdings, Inc., a wholly owned Tyson subsidiary, pursuant to which Tyson would acquire Hillshire Brands. Tyson and Hillshire Brands expect that the transaction, which remains subject to customary closing conditions, will be completed by or before September 27, 2014.
If the transaction is completed before the Dividend is paid but after the Record Date, Tyson will pay the Dividend to stockholders as of the Record Date under the terms of the Merger Agreement. If the transaction is completed on or before the Record Date, then the Dividend will not be paid.
About Hillshire Brands Company
The Hillshire Brands Company (NYSE: HSH) is a leader in branded, convenient foods. The company generated more than $4 billion in annual sales in fiscal 2014, has approximately 9,000 employees, and is based in Chicago. Hillshire Brands’ portfolio includes iconic brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Van’s, Sara Lee frozen bakery and Chef Pierre pies, as well as artisanal brands Aidells, Gallo Salame and Golden Island premium jerky. For more information on the company, please visit www.hillshirebrands.com.
This press release contains certain forward-looking statements with respect to certain plans and objectives of Tyson and Hillshire Brands with respect to the proposed acquisition of Hillshire Brands by Tyson, including the timing of the completion of the acquisition, under the Merger Agreement. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are several factors which could cause actual plans to differ materially from those expressed or implied in forward-looking statements. Such factors include, but are not limited to, the risk that the acquisition of Hillshire Brands may not be consummated in a timely manner as a result of pending regulatory approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Neither Tyson nor Hillshire Brands assumes any obligation to update the information contained in this press release (whether as a result of new information, future events or otherwise), except as required by applicable law.