Tyson Foods tops Pilgrim's Pride bid for Hillshire Brands

Tyson Foods tops Pilgrim's Pride bid for Hillshire Brands

May 29th, 2014 by Dave Flessner in Local - Breaking News

Tyson Foods, Inc. today announced that it proposes to acquire The Hillshire Brands Co. for $6.8 billion, or $50 per share in cash.

The Tyson offer comes two days after Pilgrim's pride offered to buy Hillsire for $5.6 billion, or $45 per share. Tyson's offer is a 35 percent premium to what Hillshire was trading at before the company announced its intention to buy Pinnacle Foods Inc.

"We believe that there is a strong strategic, financial and operational rationale for the combination of Tyson and Hillshire," Tyson Foods CEO Donnie Smith said "Our proposal provides Hillshire shareholders with an immediate cash premium for their shares that we believe is both greater and more certain than what can be attained in the near term by the Company either on a standalone basis or in combination with any other food processing company."