By Lawdragon News | May 27, 2014 | Press Releases
On May 27, 2014, Pilgrim’s Pride Corporation announced that it has made a proposal to acquire The Hillshire Brands Company for $45.00 per share in cash, in a transaction valued at US$6.4 billion. Cravath is representing Pilgrim’s Pride in connection with this transaction. Hillshire and Pinnacle Foods Inc. previously entered into a merger agreement under which Hillshire would acquire all outstanding shares of Pinnacle Foods in a cash and stock transaction. It is anticipated that Pilgrim’s Pride’s proposed transaction would close during the third quarter of 2014 and would be subject to customary closing conditions and the termination of Hillshire’s merger agreement with Pinnacle Foods.
The Cravath team is led by partners Scott A. Barshay and Damien R. Zoubek and includes associates Keith Hallam, Debra M. Aboodi and Edmund Mokhtarian. Summer associate C. Clay Blackburn is also working on this matter.