Pilgrim's Pride said it would not increase its bid beyond $7.7 billion.

Meat companies need acquisitions to grow, diversify, ratings agency says.

Hillshire Brands' board of directors have agreed to enter into talks with both Pilgrim's Pride and Tyson Foods.

Pilgrim’s Lovette says synergies pay off

Sean Connolly and his team’s performance has not gone unnoticed.

Offer comes two days after Pilgrim's Pride's $6.4 billion proposal to buy Hillshire.

The acquisition would make Pilgrim's Pride the fifth-largest company in the North American meat and poultry industry.

Financial analysts speculate other bidders may emerge for the value-added meat processor.

The bid by Pilgrim's Pride is contingent on Hillshire Brands terminating its agreement to acquire Pinnacle Foods.

Beef and pork segments post higher revenues while chicken declines.