Legal News

Pilgrim’s Pride Enters Takeover Bid of Hillshire Brands
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

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.



 

RELEVANT JOBS

Associate Attorney

USA-PA-Exton

ASSOCIATE ATTORNEY McKenna Snyder LLC, a law firm in Exton, PA has an immediate opening for an ex...

Apply now

Attorney

USA-MI-Sturgis

Qualifications: HaasCaywood is seeking associate attorneys for our Coldwater and Sturgis, Michiga...

Apply now

Attorney

USA-MI-Coldwater

Qualifications: HaasCaywood is seeking associate attorneys for our Coldwater and Sturgis, Michiga...

Apply now

Deputy General Counsel / Senior Deputy General Counsel

USA-CA-Sacramento

Cal Cities Culture and Mission Cal Cities is dedicated to creating a collaborative and inclusive ...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Education Law Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with ...

Apply Now

Education Law Attorney

USA-CA-Carlsbad

Carlsbad office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with 4-...

Apply Now

Education Law and Public Entity Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law and public ent...

Apply Now

SEARCH IN ARCHIVE

To Top