P.M. BRIEFING : Tyson Sweetens Holly Farms Bid
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SPRINGDALE, Ark. — Tyson Foods Inc., continuing its pursuit of Holly Farms Corp., sweetened its cash bid to $1.27 billion today and eliminated several conditions from the offer.
Tyson said it was raising its bid for its rival poultry processor to $70 a share from $63.50 a share, or a total of $1.1 billion. Tyson said its offer is no longer contingent upon the elimination of an asset lockup option agreement between Holly Farms, based in Memphis, Tenn., and ConAgra Inc., based in Omaha, Neb.
Holly Farms has agreed to be acquired by ConAgra in a stock swap valued at $1.3 billion. Under the lockup option agreement.
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