The Hillshire Brands Co. issued a statement confirming that Pinnacle Foods Inc. has exercised its right to terminate the previously announced merger agreement between the companies.

On June 16, 2014, in accordance with the terms of the merger agreement, the Hillshire Brands board of directors withdrew its recommendation of the acquisition of Pinnacle Foods following receipt of the unilaterally binding offer from Tyson Foods Inc. to acquire Hillshire Brands for $63.00 per share. Consistent with its duties, the Hillshire Brands board will promptly review the Tyson offer.