Topics

Pinnacle Foods Incorporated
Tyson bids $6.8 billion for Hillshire, trumping Pilgrim's
Tyson bids $6.8 billion for Hillshire, trumping Pilgrim's

Tyson Foods Inc., the second-largest U.S. pork producer, made an unsolicited $6.2 billion offer to buy Hillshire Brands Co., trumping a competing bid from Pilgrim’s Pride Corp. for the maker of Jimmy Dean sausages. Tyson is offering $50 a share, the Springdale, Arkansas- based company said Thursday. That’s 35 percent more than Hillshire’s last closing stock price before it received Pilgrim’s $45-a-share unsolicited proposal on May 27. Hillshire traded as high as $52.18 today, indicating investors expect a higher offer. Tyson, led by Chief Executive Donnie Smith, is looking to expand further into branded, value-added packaged foods that have wider margins and...

Loading