PPC, HSH: Pilgrim’s Pride Boosts Hillshire Bid
by Christopher Freeburn | June 3, 2014 9:57 am
Shares of Hillshire Brands (HSH) surged almost 9% in Tuesday morning trading after Pilgrim’s Pride (PPC) increased its takeover bid for HSH.
Pilgrim’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.
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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- HSH: http://studio-5.financialcontent.com/investplace/quote?Symbol=HSH
- PPC: http://studio-5.financialcontent.com/investplace/quote?Symbol=PPC
- increased its takeover bid for HSH: http://www.reuters.com/article/2014/06/03/us-hillshire-brands-offer-idUSKBN0EE02Z20140603
- [Image]: http://investorplace.com/wp-content/uploads/2011/08/Day-Trading-1851.jpg
- TSN: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSN
- offered $45 per share for Hillshire: http://investorplace.com/2014/05/hsh-pf-pcc-hillshire-brands-deal-pilgrim-pride/#.U43SwxZhOf0
- would acquire frozen vegetables-maker: http://investorplace.com/2014/05/pf-hsh-pinnacle-foods-stock-hillshire-farms-deal/#.U43SwxZhOf0
- PF: http://studio-5.financialcontent.com/investplace/quote?Symbol=PF
- Google Buys Hot Enterprise Android Startup Divide (GOOG): http://investorplace.com/2014/05/google-buys-divide/
- Warren Buffett Buys a Stake in Verizon, Sells a Chunk of GM: http://investorplace.com/2014/05/warren-buffett-verizon-vz-stock-gm/
- Yahoo Buys Snapchat Competitor Blink: http://investorplace.com/2014/05/yahoo-buys-snapchat-competitor-blink/
- TWTR: Twitter Buys Long-Time Data Partner Gnip: http://investorplace.com/2014/04/twtr-twitter-buys-long-time-data-partner-gnip/
Source URL: http://investorplace.com/2014/06/ppc-hsh-pilgrims-pride-boosts-hillshire-bid/
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