Sunday, May 26, 2024

Pilgrim’s ups bid to acquire Hillshire Brands

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GREELEY, Colo. — Pilgrim's Pride Corp. has confirmed that on June 1, 2014, it submitted a revised proposal to acquire The Hillshire Brands Co. for $55.00 per share in cash in a transaction valued at $7.7 billion.

The proposal represents an increase of $1.3 billion versus Pilgrim's initial proposal, and a 49 percent premium over Hillshire's share price one day prior to the announcement of its transaction with Pinnacle Foods Inc. Pilgrim's revised proposal is not subject to any financing conditions or contingencies.

Pilgrim's said in a statement that the company is confident. . .

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