PPC, HSH: Pilgrim’s Pride Boosts Hillshire Bid

Tyson Foods has also made an offer for HSH


Shares of Hillshire Brands (HSH) surged almost 9% in Tuesday morning trading after Pilgrim’s Pride (PPC) increased its takeover bid for HSH.

Day Trading 1851 PPC, HSH: Pilgrims Pride Boosts Hillshire BidPilgrim’s Pride is now offering $55 per share for Hillshire, valuing the company at $7.7 billion. That tops the $50 per share  bid for Hillshire made by Tyson Foods (TSN), which values HSH at $6.8 billion. Hillshire has indicated that it is discussing both bids and providing information to Pilgrim’s Pride and Tyson Foods, Reuters notes.

NYSE traders trading floor watch 630 flickr 200x133 PPC, HSH: Pilgrims Pride Boosts Hillshire Bid
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On Monday, Hillshire Brands closed at $53.57 per share. Pilgrim’s Pride had originally offered $45 per share for Hillshire.

Last month, Hillshire announced that it would acquire frozen vegetables-maker Pinnacle (PF) for $6.6 billion.

Pilgrim’s Pride shares sank modestly in Tuesday morning trading, while TSN stock fell almost 1%.

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Article printed from InvestorPlace Media, http://investorplace.com/2014/06/ppc-hsh-pilgrims-pride-boosts-hillshire-bid/.

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