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

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Pilgrim's Pride on Tuesday said it has offered to buy packaged food company Hillshire Brands for $45 per share in cash.

A package of Hillshire Brands Co Jimmy Dean sausages is shown with Pinnacle Foods Inc frozen vegetable Bird's Eye brand. MIKE BLAKE / Reuters

May 27, 2014, 7:48 AM EDT / Source: CNBC

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.

-- The Associated Press contributed to this report.

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