Pilgrim's Pride offers to buy Hillshire

GREELEY, Colo. — Pilgrim's Pride Corp., the world's second-largest chicken producer, as well as one of the world's biggest protein companies, is in talks to acquire Hillshire Brands for $6.4 billion, according to a report from Reuters.

"A sale of (Hillshire) at the price ... offers superior value and far greater certainty to Hillshire shareholders than the contemplated Pinnacle transaction," said Pilgrim's Pride Chief Executive William Lovette.

This news comes on the heel's of Hillshire's announcement that it is acquiring Pinnacle Foods. Hillshire's portfolio of brands includes such names as Jimmy Dean, Ball Park and Sara Lee. Pilgrim's plans on financing the deal with cash and third party financing, Reuters reported.

 

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