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.

Consumers are demanding more protein, but supply challenges are hindering growth.

REG will own renewable diesel biorefinery in Geismar, La.

Work has already begun, and hiring will start in June.

If approved, the acquisition of Pinnacle Foods will transition Hillshire Brands into a branded food company.

The incident is currently under investigation.

New Hillshire Brands will have a strengthened position in frozen foods.