PPC, HSH: Pilgrim’s Pride Boosts Hillshire Bid

by Christopher Freeburn | June 3, 2014 9:57 am

Shares of Hillshire Brands (HSH[1]) surged almost 9% in Tuesday morning trading after Pilgrim’s Pride (PPC[2]) increased its takeover bid for HSH[3].

trading volume[4]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[5]), 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[6].

Last month, Hillshire announced that it would acquire frozen vegetables-maker[7] Pinnacle (PF[8]) for $6.6 billion.

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

More M&A News:

  1. HSH: http://studio-5.financialcontent.com/investplace/quote?Symbol=HSH
  2. PPC: http://studio-5.financialcontent.com/investplace/quote?Symbol=PPC
  3. increased its takeover bid for HSH: http://www.reuters.com/article/2014/06/03/us-hillshire-brands-offer-idUSKBN0EE02Z20140603
  4. [Image]: https://investorplace.com/wp-content/uploads/2011/08/Day-Trading-1851.jpg
  5. TSN: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSN
  6. offered $45 per share for Hillshire: https://investorplace.com/2014/05/hsh-pf-pcc-hillshire-brands-deal-pilgrim-pride/#.U43SwxZhOf0
  7. would acquire frozen vegetables-maker: https://investorplace.com/2014/05/pf-hsh-pinnacle-foods-stock-hillshire-farms-deal/#.U43SwxZhOf0
  8. PF: http://studio-5.financialcontent.com/investplace/quote?Symbol=PF
  9. Google Buys Hot Enterprise Android Startup Divide (GOOG): https://investorplace.com/2014/05/google-buys-divide/
  10. Warren Buffett Buys a Stake in Verizon, Sells a Chunk of GM: https://investorplace.com/2014/05/warren-buffett-verizon-vz-stock-gm/
  11. Yahoo Buys Snapchat Competitor Blink: https://investorplace.com/2014/05/yahoo-buys-snapchat-competitor-blink/
  12. TWTR: Twitter Buys Long-Time Data Partner Gnip: https://investorplace.com/2014/04/twtr-twitter-buys-long-time-data-partner-gnip/

Source URL: https://investorplace.com/2014/06/ppc-hsh-pilgrims-pride-boosts-hillshire-bid/
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