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Vera Yuan
Vera Yuan
Articles (1063) 

Mario Gabelli Comments on Hillshire Brands Co

October 28, 2014 | About:

Hillshire Brands Co., formerly known as Sara Lee Corp., completed the spin-off of D.E Master Blenders 1753 and paid a $3 cash dividend to shareholders on June 28, 2012. As a result, shareholders received one share of the North American meat company, renamed Hillshire Brands (HSH), which subsequently underwent a reverse split of 1 for 5. Hillshire Brands is a concentrated meat and bakery business in the U.S. generating an estimated $4 billion of revenue. It is the leading player in categories such as protein breakfast, breakfast sausages, and hot dogs under the Jimmy Dean, Hillshire Farm, and Ball Park brands. On July 2, 2014, following a bidding war between Tyson Foods (TSN) and Pilgrim’s Pride (PPC) and the termination of the Hillshire agreement to acquire Pinnacle Foods (PF) (less than 0.1% of net assets as of September 30, 2014), which was previously announced on May 12, 2014, Hillshire announced that it had received a $63 cash tender offer from Tyson Foods. The deal valued Hillshire Brands at $8.6 billion. The deal closed on August 28, 2014 after receiving the necessary regulatory approvals and the successful completion of the tender offer. The Fund earned a 30.9% return.

From Mario Gabelli (Trades, Portfolio)’s ABC Fund Q3 2014 Commentary.

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