Pilgrim's Pride confirms $7.7B offer for Hillshire Brands

Pilgrim's Pride (PPC) confirms it upped its bid to purchase Hillshire Brands (HSH) to $55 per share.

The company expects a combination of the two food giants to create run-rate cost synergies of $300M a year.

The development has bearing for Hillshire suitor Tyson Foods (TSN) and Hillshire target Pinnacle Foods (PF).

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