Pilgrim's Pride Bid for Hillshire Brands Co Puts Pinnacle Foods In Limbo
The recent announcement of a buyout offer for Hillshire Brands Co (NYSE:HSH) sending shares surging and will likely impact the company’s recent acquisition targets.
Today poultry producer Pilgrim's Pride Corporation (NASDAQ:PPC) offered to purchase Hillshire for $45 per share in a $6.4 billion cash offer to acquire wider product diversification in the grocery arena.
“From a financial basis, we think Pilgrim's Pride Corporation (NASDAQ:PPC)-Hillshire Brands Co (NYSE:HSH) would bring many more synergies than would Hillshire-Pinnacle Foods . . .
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