This new proposal comes just days after Tyson Foods Inc.'s competing offer for Hillshire, which exceeded Pilgrim's Pride's initial offer of $6.4 billion at a total value of $6.8 billion.
This agreement represents a shift in Coty's go-to-market strategy for brands sold through the mass distribution channel in China, by allowing Coty to leverage Li & Fung's broad distribution network in that channel.
Previously at Schwans, the exec helped revitalize the pizza business by repositioning iconic brands like Red Baron and Freschetta, including launching new advertising and bringing consumer driven innovation.
Valued at $6.8 billion, the deal is another alternative to a recently proposed offer from Pilgrims Pride, and is also subject to the termination of Hillshire's previous merger agreement with Pinnacle.
