Managers of Holly Farms Corp., intent on...

Managers of Holly Farms Corp., intent on pursuing a proposed merger with ConAgra Inc. of Omaha, rejected another buyout bid from rival poultry processor Tyson Foods Inc. of Springdale, Ark. The rejection was the latest development in a takeover attempt begun by Tyson in October. Tyson has offered cash and a stock swap it values at $1.1 billion to shareholders of Wilkesboro, N.C.-based Holly Farms. The ConAgra merger approved by the Holly Farms board calls for an exchange of stock valued at $1 billion. Tyson has filed suit in state court in Wilmington, Del., to block Holly Farms’ merger with ConAgra.