Pilgrim’s Pride Corp. (PPC) announced on Tuesday morning said that it has made an offer to acquire Hillshire Brands Co. (HSH
) for $6.4 billion.
Pilgrim’s Pride has offered Hillshire a total of $45 per share in cash, or $6.4 billion. This deal is expected to close during the third quarter. This report comes just two weeks after HSH agreed to acquire Pinnacle Foods Inc (PF).
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Bill Lovette, Pilgrim’s CEO commented: “For Hillshire shareholders, our proposal provides a substantial premium, greater certainty and immediate cash value for their shares. We have long respected the Hillshire business and we are confident that Hillshire's board and shareholders will find our all-cash premium proposal to be superior to the pending acquisition of Pinnacle.”
HSH Dividend SnapshotAs market close on May 23, 2014
Click here to see the complete history of HSH dividends.
Hillshire Brands shares were up $8.21, or 22.20% during pre-market trading Tuesday. The stock is up 10.71% YTD.
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