Hillshire Brands Purchases Cherry Hill Based Pinnacle Foods for About $4.23 Billion

Pinnacle Foods, based out of Cherry Hill, has been purchased by Hillshire Brands in a cash-and-stock deal valued at about $4.23 billion, according to an Associated Press story posted on courierpostonline.com.

The total deal is worth about $6.6 billion, including Pinnacle's outstanding debt, according to the report.

Each share of Pinnacle Foods' stock will be exchanged for $18 cash and .50 shares of Hillshire Brands' common stock, according to the report.

Pinnacle Foods' products include Aunt Jemima and Duncan Hines, while Hillshire Brands claim Jimmy Dean meats and Sara Lee frozen goods among its products, according to the report.