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Tyson Foods Selling Stock To Pay for Hillshire Deal


Tyson Foods announced the pricing of public offerings of Class A common stock and Tangible Equity Units on Wednesday. The world's second-largest meat processor priced 23.8 million shares of its Class A common stock at $37.80 per share. The company also priced 30 million of its 4.75% tangible equity units at a stated amount of $50. Each offering is expected to close in six days. Tyson Foods anticipates $873 million in net proceeds from the Class A common stock offering and another $1.4 million from the tangible equity units offering. The company will use the proceeds to finance its acquisition of Hillshire Brands. The offerings follow an announcement from Tyson Foods on Monday that the company will be selling its Mexican and Brazilian poultry business to Brazil's JBS SA, the world's largest meat processor. TheStreet's Julie Cerullo reports from New York.