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Fly News Breaks for June 22, 2018
TSN, PPC, HAIN
Jun 22, 2018 | 08:43 EDT
Stephens analyst Farha Aslam noted that media reports indicate that Pilgrim's Pride (PPC) and Tyson (TSN) are interested in bidding for Hain Celestial's (HAIN) Pure Protein division, pointing out as well that the reports says that a sale of the unit would likely increase the odds of a sale of the remaining Hain business. While Hain's protein unit would be a good fit for either Pilgrim's or Tyson, Hain wants a "very high price," Aslam tells investors. Hain is asking a 17+ EBITDA price, but the deal would be a better fit for the poultry producers if the sale price was 8x-12x EBITDA, contends Aslam.
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