In a note sent to Hillshire president and CEO Sean Connolly, Lovette noted that the Hillshire-Pinnacle acquisition agreement includes a "superior proposal" clause and that Pilgrim's offer is of "superior value and far greater certainty to Hillshire shareholders than the contemplated Pinnacle transaction". Representatives from Pinnacle were not immediately available for comment.
"We have long respected the Hillshire business and we are confident that Hillshire's Board and shareholders will find our all-cash premium proposal to be superior to the pending acquisition of Pinnacle," Pilgrim's CEO Bill Lovette said in a statement Tuesday morning, calling the deal considerably valuable for both Pilgrim's and Hillshire shareholders.
Following the announcement of the acquisition, shares of Pinnacle surged more than 20% in Monday's pre-market activity as shares of Hillshire jumped 3.5%.
Profit rose 32percentto to $5.90 million, or 9 cents a share, in the quarter ended June 30, excluding amortization of acquisition-related assets, Pinnacle said.
Around Lucent's pinnacle, the company announced its largest acquisition, Ascend Communications, for about 10-times its revenue.
Video images of the cell were obtained using a camera and Studio 10 Quickstart software (Pinnacle systems, CA) used for movie acquisition on a Pentium PC.
BY most accounts, the commercial property market reached its pinnacle in early 2007 with the Blackstone Group's acquisition of Equity Office Properties Trust and its prized cache of more than 500 office buildings.
A tough, charismatic banker who seized control of Piraeus in 1991 and built it up by dint of more than 15 mergers and acquisitions, Mr. Sallas reached the pinnacle of the Greek banking world in March when he capitalized on Cyprus's banking disaster, buying the Greek units of that island's three biggest financial institutions, Bank of Cyprus, Laiki Bank and Hellenic Bank.
The volume of mergers and acquisitions (M&A), the once-glamorous pinnacle of the investment-banking business, is about one-third of what it was two years ago, and the business is bringing in one-tenth of the profits that it did then.
The Wall Street Journal, which Hinton, as chief executive of Dow Jones, had published, was seen as the pinnacle of Murdoch's lifetime career of media acquisitions.
"The acquisition of Ameristar is a transformative transaction for Pinnacle that will provide us the scale and diversification to more effectively compete," Anthony Sanfilippo, Pinnacle's chief executive, said in a statement.
