Hillshire to buy Pinnacle Foods for $6.6 billion

Mon May 12, 2014 6:38am EDT

May 12 (Reuters) - Packaged food company Hillshire Brands Co said it would acquire Pinnacle Foods Inc for about $6.6 billion, including debt, in a cash and stock deal.

Hillshire said the implied purchase price based on the 10-day average closing price is $36.02 per share and represents an 18 percent premium to Pinnacle Foods' closing price on May 9. (Reporting by Siddharth Cavale in Bangalore; Editing by Saumyadeb Chakrabarty)