Sunday, May 26, 2024

Pilgrim’s proposes to acquire Hillshire Brands

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GREELEY, Colo. — Pilgrim's Pride Corp. has  announced that it has made a proposal to acquire The Hillshire Brands Co. for $45 per share in cash, in a transaction valued at $6.4 billion.

Pilgrim's said its all-cash proposal provides Hillshire shareholders with a substantially superior alternative to Hillshire's pending acquisition of Pinnacle Foods Inc., representing a 25ercent premium to the volume weighted average price of Hillshire shares over the 10 trading days following the announcement of the Pinnacle transaction. Further, the transaction represents a compelling value to Hillshire shareholders at 12.5x Hillshire's trailing adjusted. . .

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