P.M. BRIEFING : Buyout Deal Ups Holly Farms Stock
<i> From Times wire services </i>
NEW YORK —
Holly Farms Corp. shares rose sharply today after it agreed to a sweetened $1.3-billion buyout by agricultural products conglomerate ConAgra Inc., apparently ending a long-running takeover saga for the chicken producer.
Holly stock jumped $3.875 to $66.50, reacting to the new ConAgra offer, announced Sunday, which works out to about $70 per share.
Another bidder, Tyson Foods Inc., the nation’s largest seller of chickens, said it will press forward with its lower buyout offer of $63.50 a share but did not signal any immediate plans to try to top ConAgra’s higher offer.
ConAgra came in as a white knight for Holly after Tyson made its uninvited bid in October.
