Subsequent Events

3 Months Ended

Apr. 01, 2017

Subsequent Events [Abstract]

Subsequent Events

23. SUBSEQUENT EVENTS

On April 24, 2017, together with Tyson, we announced that we had entered into a definitive merger agreement pursuant to which a subsidiary of Tyson would launch a tender offer to acquire all of our outstanding common shares for $40.25 per share in cash. Tyson is a market leader in chicken, beef and pork as well as prepared foods, and one of the world’s largest food companies supplying retail and foodservice customers throughout the United States and internationally. This strategic transaction provides an opportunity to create value by joining complementary market-leading portfolios.

The total enterprise value of the transaction, which has been approved by the Boards of Directors of both companies, is approximately $4.2 billion, including $3.2 billion in equity value and $1.1 billion in assumption of our debt.

Oaktree, owners of approximately 42 percent of our outstanding shares, have entered into a tender and support agreement pursuant to which they have agreed to tender their shares pursuant to the tender offer.

We expect the transaction to close in the next 60 to 90 days and any impact from the transaction is not reflected in the accompanying condensed consolidated financial statements.