Pilgrim's Pride Corporation (NYSE: CHX, CHX.A) and WLR Foods, Inc. (Nasdaq: WLRF) today announced that they have signed a definitive agreement for Pilgrim's Pride to acquire all the outstanding stock of WLR Foods in a cash merger valued at approximately $300 million, which includes the assumption and/or refinancing of approximately $60 million of WLR Foods' debt and other obligations.