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News Breaks
June 3, 2014
06:28 EDTPPC, HSH, PFPilgrim's Pride confirms revised proposal to acquire Hillshire at $55 per share
Pilgrim's Pride (PPC) confirmed that on June 1, it submitted a revised proposal to acquire Hillshire Brands (HSH) for $55.00 per share in cash in a transaction valued at $7.7B. The proposal represents an increase of $1.3B versus Pilgrim's initial proposal, and a 49% premium over Hillshire's share price one day prior to the announcement of its transaction with Pinnacle Foods (PF). Pilgrim's revised proposal is not subject to any financing conditions or contingencies. Pilgrim says it is confident the transaction is strategically and financially compelling, and creates considerable value for the shareholders of both Pilgrim's and Hillshire. Pilgrim's anticipates run-rate cost synergies in excess of $300M annually to come from operational and value-chain efficiencies. Pilgrim's expects the increased cash flow from the combined company and the realization of synergies will allow it to rapidly pay down the initial acquisition debt. Pilgrim's projects the combination to be immediately accretive to earnings due to these significant synergies and the availability of attractive financing terms.
News For HSH;PPC;PF From The Last 14 Days
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October 9, 2015
12:06 EDTPPCUSDA increases meat production forecasts for 2015, 2016
In its latest World Agricultural Supply and Demand Estimates report, the USDA increased its forecasts for total meat production in 2015 and 2016. Beef production for 2015 is raised on larger forecast slaughter of fed cattle in the second half of 2015 and heavier carcass weights. The forecast for 2016 is raised as cattle slaughter and carcass weights in the first half are projected higher than last month. The pork production forecasts for both 2015 and 2016 are raised. The pace of hog slaughter in the remainder of 2015 is expected to be higher, the USDA said. Publicly traded companies in the meat production space include Hormel Foods (HRL), Pilgrim's Pride (PPC), Sanderson Farms (SAFM) and Tyson Foods (TSN).
October 8, 2015
09:04 EDTPFPinnacle Foods appoints D. Michael Wittman Chief Supply Chain Officer
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October 7, 2015
10:05 EDTPPCHigh option volume stocks
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September 30, 2015
07:44 EDTPPCTyson Foods valuation multiples 'remain compressed,' says JPMorgan
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