Holly Farms Corp. rejected a tender offer...

Holly Farms Corp. rejected a tender offer from rival chicken producer Tyson Foods Inc. of Springdale, Ark., calling the $940-million bid inadequate and not in the best interest of its shareholders. It also held out a possibility that other suitors were waiting in the wings. Speculation that a higher bid was in the offing pushed the price of Holly Farms shares up $1.875 to close at $54.75 on the New York Stock Exchange, putting it well above the $52-a-share offer from Tyson. Holly Farms is based in Memphis, Tenn.