Packaged foods company Pinnacle Foods Inc said it would purchase Unilever Plc's Wish-Bone salad dressings business for $580 million to expand its range of branded food products.Pinnacle, home to labels such as Birds Eye and Duncan Hines, said that it expected a tax benefit of about $125 million because the all-cash deal was structured as an asset purchase.Pinnacle, which went public in March, said it would fund the deal with cash on hand and debt.The portfolio being acquired includes a broad range of liquid and dry-mix salad dressing flavors under the Wish-Bone and Western brand names, Pinnacle said on Monday.
Shares of PF remained unchanged at $25.46. In the past year, the shares have traded as low as $22.15 and as high as $26.48. On average, 496109 shares of PF exchange hands on a given day and today's volume is recorded at 0.
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