Pilgrim’s Pride, part of the JBS SA Group, is offering to buy Hillshire Brands for $45.00 per share in a deal worth $6.4 billion. Hillshire closed at $37.02 on Friday, reports Business Insider.
"Our proposal creates considerable value for the shareholders of both Pilgrim's and Hillshire," said Pilgrim's CEO Bill Lovette. "For Hillshire shareholders, our proposal provides a substantial premium, greater certainty and immediate cash value for their shares. We have long respected the Hillshire business and we are confident that Hillshire's Board and shareholders will find our all-cash premium proposal to be superior to the pending acquisition of Pinnacle. For Pilgrim's, the addition of Hillshire's portfolio of iconic brands and broad based marketing, innovation and distribution expertise will enhance our position as a market leader. With our complementary products, we believe that together Pilgrim's and Hillshire will better serve our combined customer bases for the benefit of all our stakeholders. We look forward to working constructively with Hillshire to sign a definitive merger agreement and quickly realize the benefits of this combination."