Pilgrim's Pride to Buy Gold Kist for $1.1 Billion

Pilgrim's Pride , the No. 2 U.S. chicken producer, will buy rival Gold Kist for a sweetened offer of $21 per share, or $1.1 billion, the companies said on Monday.

Pilgrim's Pride will assume $144 million of Gold Kist debt.

Pilgrim's Pride had earlier launched a $1 billion hostile takeover bid for Gold Kist after the two companies failed to agree on a deal. Gold Kist rejected the offer and said it would take measures to enhance its performance.