Hillshire Brands Co (HSH) Merges with Tyson Foods, Inc. (TSN); GAMCO Closes Position

In a newly amended filing with the U.S. Securities and Exchange Commission, GAMCO Investors, managed by Mario Gabelli, has disclosed the closing of its position in Hillshire Brands Co (NYSE:HSH). According to the filing, GAMCO no longer hold stake in Hillshire Brands Co (NYSE:HSH), as the company now merged with Tyson Foods, Inc. (NYSE: TSN). Previously, GAMCO held around 3.19 million shares of the company’s common stock.

Mario Gabelli

Hillshire Brands Co (NYSE:HSH) is engaged in manufacturing of food products, and has a market cap of $7.8 billion. At the end of last month, both Hillshire Brands Co (NYSE:HSH) and Tyson Foods, Inc. (NYSE: TSN) announced the completion of their merger, resulting in creation of a single company with more than $40 billion in annual sales and a portfolio that includes recognized brands.

Hillshire Brands Co (NYSE:HSH) common stock shares, in connection with the merger, were delisted and ceased trading on the New York Stock Exchange and Chicago Stock Exchange before the opening of the respective markets on August 29, 2014.

The new company will be led by a new team, which has been selected and includes a mix of existing senior leaders from both companies. Andy Callahan, former president of Hillshire Brands Co (NYSE:HSH) retail business, has been named to manage all retail consumer brands. Sally Grimes, former chief innovation officer and president of Hillshire Brands Co (NYSE:HSH) Gourmet Food Group, will be responsible for leading will lead Tyson Foods, Inc. (NYSE: TSN) innovation, sales and global brand strategy teams.

In its latest 13F, York Capital Management, led by James Dinan, reported holding 4.99 million shares of Hillshire Brands Co (NYSE:HSH). Another investor, Paulson & Co, managed by John Paulson, revealed ownership of 3.43 million shares of the company.

At the end of last month, GAMCO disclosed a steep increase in its exposure to OMNOVA Solutions Inc. (NYSE:OMN), to 2.64 million shares of the company, held together with other affiliated fund, which account for more than 5.5% of the company’s common stock. In the latest round of filings, GAMCO disclosed its most recent moves, including upping its stake in Chemtura Corp (NYSE:CHMT) and Gentiva Health Services, Inc. (NASDAQ:GTIV).

In a program on CNBC last month, Mario Gabelli has said that both Time Warner Inc (NYSE:TWX) and Twenty-First Century Fox Inc (NASDAQ:FOX) are on track to bring excellent shareholder value over the next five years, with the stock doubling its price. According to Gabelli, Time Warner Inc (NYSE:TWX) will be worth $130 per share, while Twenty-First Century Fox Inc (NASDAQ:FOX) stock will jump to $65 in the next five years.

Disclosure: none

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