Hillshire Brands To Review Pilgrim's Pride's $6.4 Bln Proposal - Quick Facts

By RTT News, 
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(RTTNews.com) - Hillshire Brands Co. ( HSH ) said that its board will thoroughly review Chicken products maker Pilgrim's Pride Corp.'s ( PPC ) $6.4 billion buyout proposal.

"We continue to strongly believe in the strategic merits and value creation potential provided by the proposed transaction with Pinnacle Foods. Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, Hillshire Brands' Board will thoroughly review the Pilgrim's Pride proposal," Hillshire Brands said.

Earlier today, Pilgrim's Pride said that it has made a proposal to acquire Hillshire Brands for $45 per share in cash, in a transaction valued at $6.4 billion. The offer is expected to create fully integrated branded protein leader with combined sales of $12.4 billion across broad portfolio of brands. Pilgrim's said its all-cash proposal provides Hillshire shareholders with a substantially superior alternative to Hillshire's pending acquisition of Pinnacle Foods Inc. ( PF ).

It was on May 12 that Hillshire agreed to acquire Pinnacle Foods in a cash and stock transaction with a total enterprise value of $6.6 billion. Under the deal terms, each Pinnacle Foods share would be exchanged for $18 in cash and 0.50 shares of Hillshire stock.

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Referenced Stocks: HSH , PF , PPC

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