Hillshire shares surge on takeover bid from Pilgrim's

NEW YORK (CNNMoney)

Hillshire Brands (HSH, Fortune 500) jumped more than 20% in premarket trading, even as shares for Pilgrim's Pride (PPC) dipped 3%.

Under the proposal, Pilgrim's Pride would pay $45 a share for Hillshire in an all-cash deal.

Earlier this month, Hillshire Brands -- the parent of such meat products as Hillshire Farm and Jimmy Dean sausage -- agreed to acquire Pinnacle Foods (PF), the maker of Birds Eye frozen vegetables and Duncan Hines cake mix.

Pilgrim's Pride sells chicken products.

Hillshire Brands representatives were not immediately availble for comment.

First Published: May 27, 2014: 8:29 AM ET

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