NEW YORK: US chicken producer Pilgrim’s Pride yesterday announced a bid to acquire frozen-foods company Hillshire Brands in a deal worth $6.4bn.
Pilgrim’s offer would require Hillshire to abandon its own $6.6bn deal announced May 12 to acquire Pinnacle Foods, which owns the Duncan Hines and Mrs. Butterworth’s brands.
Pilgrim’s said the deal, which markets sausage and other prepared meats under the Hillshire Farm logo, was “superior” to the pending Hillshire-Pinnacle deal and would combine strong marketing and operational advantages. “We believe that together Pilgrim’s and Hillshire will better serve our combined customer bases for the benefit of all our stakeholders,” said Bill Lovett, chief executive of Pilgrim’s Pride. “We look forward to working constructively with Hillshire to sign a definitive merger agreement and quickly realise the benefits of this combination.” AFP
