Hints and tips:
...Pilgrim’s said it planned to fund the deal with third-party financing and existing cash. Pilgrim’s is being advised by Lazard and Cravath, Swaine & Moore....
...“The ball is not in Pilgrim’s court.”...
...Last Monday Tyson won the bidding war for Hillshire, maker of Ball Park hot dogs, with a $63-a-share offer, topping rival poultry processor Pilgrim’s Pride’s $7.7bn bid....
...“What it does for Tyson and/or Pilgrim’s is offer more of a stable profit stream,” he said....
...Two weeks later, Pilgrim’s offered $6.4bn for Hillshire so long as it cancelled the Pinnacle deal. Within 48 hours Tyson offered $6.8bn. Last week, Pilgrim’s raised its bid to $7.7bn....
...Pilgrim’s Pride offered to buy Hillshire for $6.4bn in cash. The proposal from Pilgrim’s comes less than a month after Hillshire signed a deal to acquire Pinnacle Foods for $6.6bn....
...Pilgrim’s Pride, majority owned by Brazil’s JBS, the world’s largest meatpacker, offered $6.4bn for Hillshire on Tuesday and Arkansas-based Tyson, offered $6.8bn just two days later....
...Hillshire Brands, by bidding for Pinnacle Foods, has managed to scare up bids from both Pilgrims’ Pride and Tyson’s. Was this Hillshire’s plan all along?...
...Tyson’s acquisition of Hillshire had been only a matter of time after a bidding war with Pilgrim’s Pride forced the price up to $63 a share – about 70 per cent higher than Hillshire’s value before the battle...
...Second, when the pilgrims set sail for America, they never looked back....
...They include Ellington Management, Fundamental REO, whose fund received a large investment from Goldman Sachs and Barry Sternlicht’s Starwood Property Trust, analysts have said....
...Others looking at a listing include units of investment fund Ellington Management; Fundamental REO, whose fund received a large investment from Goldman Sachs; Waypoint Homes Realty Trust; American Homes...
...They have warned bankers that they are highly unlikely to award any REO to rental securitisations the coveted triple A rating, which signifies the security is as good as risk-free....
...There was a rash of overseas acquisitions during the boom years around 2007, with meatpacker JBS buying Pilgrim’s Pride, again in the US....
...That deal followed the purchase in 2009 of US chicken producer Pilgrim’s Pride by Mafrig’s Brazilian rival, JBS, the world’s biggest beef processor....
...Real-Estate Owned (Reo), foreclosed properties owned by banks, (the yellow line in the right-hand chart, and the light grey bit in the left) would be expected to stagnate....
...The Islamic banking group BIMB Holdings owns 51 per cent of Bank Islam, with Lembaga Tabung Haji, or the Malaysian pilgrims fund, holding the remaining 9 per cent....
...REOs increased 184 per cent in July compared with the year ago period....
...Oceanwood, founded by a team from Tudor, and RWC’s Pilgrim fund will both withhold about 12 per cent of pay-outs from withdrawals until hard-to-sell assets can be realised, an increasingly common restriction...
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