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Tuesday, August 12, 2014

U.S. Justice Department asks Tyson, Hillshire for details on deal, (NYSE: TSN)

The U.S. Department of Justice's Antitrust Division has asked Tyson Foods Inc and Hillshire Brands Co for additional information related to Tyson's $7.7 billion offer for the maker of Jimmy Dean sausages. The request relates to a "very small portion" of the combined business, the companies said in a statement.Tyson in June outbid JBS SA's Pilgrim's Pride with a $63 per share offer for Hillshire in what would be the biggest deal yet in the global meat business.Tyson's tender offer, which was scheduled to expire on July 16, has been extended until Aug. 19. The companies said they expect the deal to be completed by Sept. 27.Antitrust agencies typically issue a request for additional information about a company's products or services, market conditions, where it does business, and the likely competitive effects of a merger.

Tyson Foods, Inc. is a food production company. The Company produces, distributes and markets chicken, beef, pork, prepared foods and related allied products. Shares of TSN traded higher by 0.16% or $0.06/share to $37.37. In the past year, the shares have traded as low as $27.33 and as high as $44.24. On average, 5235520 shares of TSN exchange hands on a given day and today's volume is recorded at 3315293.