Boston, MA 06\/04\/2014 (wallstreetpr) \u2013 Pilgrim’s Pride Corporation (NASDAQ:PPC)<\/b> overtakes the bid of Tyson Foods Inc. (NYSE:TSN)<\/b> to acquire Hillshire Brands (NYSE:HSH)<\/b>. Initially, when Pilgrim’s Corp decided to take over Hillshire, it had made an offer of $45 per share. However, there was one more takeover offer waiting for Hillshire. Tyson Foods offered $50 per share to acquire Hillshire. But Pilgrim’s Corp was not the one to back off, and it hiked its offer to $55 per share.<\/p>\n
About Pilgrim’s Corp:<\/b><\/p>\n
Brazilian company called JBS. SA owns 75% of Pilgrim’s Pride Corporation (NASDAQ:PPC). It is well-known that JBS.SA is the world’s largest producer of meat. The current proposal by Pilgrim’s Corp is all in cash offer amounting to $7.7 billion including debt. Pilgrim’s Pride is currently the second largest chicken processor in the United States.<\/p>\n
What Is The Stance Of Hillshire Brands?<\/b><\/p>\n
Hillshire Brands (NYSE:HSH) has confirmed receiving of offer from both Pilgrim’s Pride as well as Tyson Foods. On the other hand, Hillshire has made an offer to Pinnacle Foods Inc. (NYSE:PF)<\/b> made an offer to acquire its business. The offer deal consists of $18 per share and the total amounts to around $6.6 billion. The above mentioned offer has got a green signal by the boards of both the respective companies. The deal also means that Hillshire accepts $2.48 billion of long-term debt of Pinnacle.<\/p>\n
Hillshire has commented that it shall enter into discussions with both Pilgrim’s Corp and Tyson Foods Inc. (NYSE:TSN). It has clearly not indicated which deal it shall opt for. Also, many investors believe that Pinnacle is not a profitable deal for Hillshire Brands as it is required to assume its debt also.<\/p>\n
If Hillshire Brands (NYSE:HSH) accepts any of the takeover bids then it might have to forgo its deal to buy Pinnacle Foods Inc. (NYSE:PF). There are also reports hovering about the hike in offer from Tyson Foods might come soon.<\/p>\n
The world meat market is increasing fast, and such mergers and acquisitions are a natural consequence. We can see more of such takeovers in coming future.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 06\/04\/2014 (wallstreetpr) \u2013 Pilgrim’s Pride Corporation (NASDAQ:PPC) overtakes the bid of Tyson Foods Inc. (NYSE:TSN) to acquire Hillshire Brands (NYSE:HSH). Initially, when Pilgrim’s […]<\/p>\n","protected":false},"author":12,"featured_media":17610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[7075,7074,2553,6323,6551,1128,7073,2552,6778,6550,1625,6886],"stock_ticker":[],"class_list":["post-24529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-hillshire-brands","tag-hillshire-brands-nysehsh","tag-nasdaqppc","tag-nysehsh","tag-nysepf","tag-nysetsn","tag-pilgrims-pride-corporation","tag-pilgrims-pride-corporation-nasdaqppc","tag-pinnacle-foods-inc","tag-pinnacle-foods-inc-nysepf","tag-tyson-foods-inc-nysetsn","tag-tyson-foods-inc","entry"],"acf":[],"yoast_head":"\n