Pilgrim's Pride Makes $5.58B Bid For Hillshire

NEW YORK (AP) -- Pilgrim's Pride is offering to acquire meat producer Hillshire Brands in a deal worth about $5.58 billion.

The poultry producer is offering $45 per share for Hillshire, which makes Hillshire Farm lunch meats and Jimmy Dean sausages. Hillshire has 124 million shares outstanding, according to SEC filings. That is a 24 percent premium to Hillshire's closing price Friday of $36.23.

Pilgrim's Pride says the deal is a better offer than Hillshire's plan to buy Pinnacle Foods for $4.23 billion. Pinnacle makes Birds Eye frozen vegetables and Duncan Hines cake mixes.

Hillshire brands did not respond to a request for comment. Its shares jumped 23 percent to $45.49 in premarket trading.

Pilgrim's Pride says the deal could close in the third quarter of 2014 if Hillshire terminates its deal with Pinnacle.


More from MBTMag.com

Offshoring More Costly Than Many Companies Think

White House Announces 2nd SelectUSA Summit

Safety Agency Probes Ram Pickups

Explore more news here.

More in Operations