TAGS: Pilgrim's Pride, Hillshire Brands, Jimmy Dean, Ball Park, Hillshire Farm, vending
GREELEY, CO -- Pilgrim's Pride, the world's second-largest chicken producer, has offered to buy Hillshire Brands for $5.52 billion in a deal that would add the iconic Jimmy Dean, Ball Park and Hillshire Farm packaged meat brands to its portfolio.
Pilgrim's Pride's unsolicited bid comes days after Hillshire proposed to buy Pinnacle Foods, maker of Birds Eye frozen vegetables and Duncan Hines cake mixes, for $4.3 billion. Pilgrim's Pride, known for its Pierce and Wing Dings chicken brands, said it would pay the $163 million termination fee required to end the Hillshire deal with Pinnacle Foods.
Analysts said a deal with Hillshire, whose Jimmy Dean sausage sandwiches have long been a vending staple, would make Pilgrim's Pride, which is majority-owned by Brazilian meat company JBS, one of the top two protein and branded food companies in the United States.