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Hillshire Brands (NYSE: HSH) Stock Soars 22% on Pilgrim's Pride Proposal
In a move that derails Hillshire Brands Co. (NYSE: HSH) simmering $4.3 billion takeover of Pinnacle Foods Inc. (NYSE: PF), Pilgrim's Pride Corp. (Nasdaq: PPC) offered on Tuesday to pay $6.4 billion in cash for Hillshire Brands.
HSH stock surged more than 22% to a 52-week high of $45.52 on the news. Pinnacle shares sank some 7% to $30.87.
Here’s what’s behind this deal and what it means for investors…
In a move that derails Hillshire Brands Co. (NYSE: HSH) simmering $4.3 billion takeover of Pinnacle Foods Inc. (NYSE: PF), Pilgrim's Pride Corp. (Nasdaq: PPC) offered on Tuesday to pay $6.4 billion in cash for Hillshire Brands.
HSH stock surged more than 22% to a 52-week high of $45.52 on the news. Pinnacle shares sank some 7% to $30.87.
Here’s what’s behind this deal and what it means for investors…