date:Jun 11, 2014
Pilgrim's Pride has announced that it has withdrawn the $55 per share in cash offer to acquire Hillshire Brands.
The decision follows Tyson Foods' announcement of $63 per share bid for Hillshire, a deal which values the company at $8.55bn.
Speaking about the development, Pilgrim's chief executive officer Bill Lovette said that the company determined that it was in the best interests of its shareholders not to increase its proposed price of $55.00 per share in cash.
Pilgrim's will maintain its