Legal News

Pilgrim’s Pride Enters Takeover Bid of Hillshire Brands View Count:  

213

On Tuesday, a takeover bid of Hillshire Brands was launched by Pilgrim’s Pride, according to the Associated Press. Should the takeover occur, Pilgrim’s Pride would expand its offerings to include Jimmy Dean sausages and Ball Park hot dogs.

The offer, for $5.58 billion, could kill the plans of Hillshire to purchase Pinnacle Foods, which is the maker of Hungry Man frozen dinners, Birds Eye frozen vegetables and Duncan Hines cake mixes. Hillshire announced the expansion deal earlier in May, for $4.23 billion, so it could move into multiple areas of the supermarket business.

  
What
Where


“As you are well aware, it has long been our desire to acquire the company,” Pilgrim’s said in a public letter to Hillshire CEO Sean Connolly.

Hillshire said it would review the proposal from Pilgrim as part of its fiduciary duties. It also said in a statement that the company strongly believes in “strategic merits and value creation potential” of the deal with Pinnacle Foods.

Pilgrim’s Pride is majority-owned by JBS, a Brazilian meat company. The deal is valued at $6.4 billion by Pilgrim’s Pride when debt is included in the numbers.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Ken Goldman, an analyst for J.P. Morgan, said the following in a note to investors: “Joining two protein companies makes a lot more sense than marrying a meat company with one that has a focus on frozen vegetables.”

Pilgrim’s Pride, which is headquartered in Colorado, said the deal could close by the third quarter of 2014. It also noted that it would pay the $163 million termination fee to end the deal with Pinnacle Foods.



Check out Granted.com for all available jobs opening in food industry.

Click to comment
 

SEARCH IN ARCHIVE

Most Popular

Legal Career Resources

February 9, 2016 Top 20 Common Mistakes Attorneys Make When on the Job Hunt

Summary: Attorneys make a lot of mistakes when it comes to looking for a new job, so review this list of the top 20 mistakes so you don’t make them. Read the full article Top 20 Mistakes Attorneys Make When […]

read more
To Top