Chicken-friendly Pilgrim's Pride offers to buy meatpacker Hillshire Farms for $6.4 billion, a $45 a share bid that represents a 22% premium that trumps an earlier offer from Pinnacle Foods. Hillshire had offered to buy Pinnacle earlier this month, but Pilgrim's Pride rejected the Pinnacle bid and has thrown in millions as a termination fee. Hillshire would benefit from Pilgrim's food service and supermarket deli counter expertise though Hillshire may not have wanted Pilgrim's for a takeover and grabbed Pinnacle to sour such a deal.

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