Subscribe to Breaking News emails

You have successfully subscribed to the Breaking News email.

Subscribe today to be the first to to know about breaking news and special reports.

Pilgrim's Pride Offers to Buy Hillshire Brands in $6.4B Deal

/ Source: CNBC.com
Image:  A package of Hillshire Brands Co Jimmy Dean  sausages is shown with Pinnacle Foods Inc frozen vegetable Bird's Eye brand in this photo illustration in Encinitas
A package of Hillshire Brands Co Jimmy Dean sausages is shown with Pinnacle Foods Inc frozen vegetable Bird's Eye brand. MIKE BLAKE / Reuters

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

Poultry producer Pilgrim's Pride on Tuesday said it has offered to buy Hillshire Brands, maker of Hillshire Farm lunch meats and Jimmy Dean sausages, for $45 per share in cash, in a deal it valued at $6.4 billion, including debt.

The offer comes just weeks after Hillshire Brands said it would acquire Pinnacle Foods for about $6.6 billion, including debt, in a cash and stock deal.

Pilgrim's Pride said the deal is a better offer than Hillshire's plan to buy Pinnacle Foods for $4.23 billion. Pinnacle makes Birds Eye frozen vegetables and Duncan Hines cake mixes.

Hillshire brands did not respond to an Associated Press request for comment.

-- The Associated Press contributed to this report.

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
MORE FROM news