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Stock Market & Financial Investment News

News Breaks
May 27, 2014
07:07 EDTPF, HSH, PPCPilgrim's Pride proposes to acquire Hillshire Brands for $45.00 per share cash
Pilgrim's Pride Corporation (PPC) announced that it has made a proposal toacquire The Hillshire Brands Company (HSH) for $45.00 per share in cash, in a transaction valued at $6.4B. Pilgrim said its all-cash proposal provides Hillshire shareholders with a substantially superior alternative to Hillshire's pending acquisition of Pinnacle Foods (PF), representing a 25% premium to the volume weighted average price of Hillshire shares over the 10 trading days following the announcement of the Pinnacle transaction. Further, the transaction represents a compelling value to Hillshire shareholders at 12.5x Hillshire's trailing adjusted EBITDA, including the $163M termination fee payable to Pinnacle. The proposal has the unanimous support of the Board of Directors of Pilgrim's, as well as the support of JBS S.A., the majority owner of Pilgrim's. It is anticipated that the proposed transaction would close in the third quarter of 2014 and would be subject to customary closing conditions and the termination of Hillshire's merger agreement with Pinnacle. Pilgrim's expects to finance the acquisition with a combination of existing cash balances and new debt financing.
News For PPC;HSH;PF From The Last 14 Days
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April 27, 2015
15:42 EDTPPCIowa Department of Agriculture reports four more cases of probable bird flu
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April 22, 2015
07:28 EDTPPCMexico halts imports of poultry products from Iowa due to bird flu, Reuters says
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April 21, 2015
08:33 EDTPPCBird flu outbreak spreads to large Iowa chicken farm, WSJ reports
An Iowa farm with about 5.3M chickens in Osceola County is the latest, and largest, chicken flock to be affected by an ongoing outbreak of avian influenza, or bird flu, reported The Wall Street Journal. The addition of this large flock brings the total number of chickens and turkeys affected by avian influenza to nearly 8M, the report noted. Last night, Hormel Foods (HRL) provided additional information regarding the anticipated impact of recent avian influenza outbreaks on its Jennie-O Turkey Store segment, stating that lower turkey supply is expected to impact plant operations and cause reduced sales volumes as the year progresses. Other publicly traded companies in the meat production space include Pilgrim's Pride (PPC), Sanderson Farms (SAFM) and Tyson Foods (TSN). Reference Link

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