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Tyson prevails in effort to acquire Hillshire
Tyson reached an agreement to acquire Hillshire Brands in deal valued at $8.55 billion that includes Tyson paying a $163 termination fee to Pinnacle Foods, a company Hillshire was in the process of acquiring.
Tyson said it will pay $63 a share for Hillshire in an all cash deal that makes the world’s largest protein producer an even more dominant player on the global food stage.
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Office Depot names another new leader
Veteran retail operations executive Troy Rice has joined Office Depot as EVP of retail as the company continues to build out its senior leadership team in the wake of its merger with OfficeMax.
Rice spent the past eight years with Toys “R” Us, most recently serving as EVP fo stores and services. Prior that he spent 16 years with The Home Depot and served as president of the retailer’s $24 billion northern division at the time of his departure.