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, primarily because putting two meat companies together likely would generate sales/marketing efficiencies, back office consolidation, and supply chain benefits,” said Ken Goldman at J.P. Morgan in…