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Tyson ups offer for Hillshire Brands; Pilgrim’s Pride withdraws

By Elaine Watson+

09-Jun-2014
Last updated on 09-Jun-2014 at 17:04 GMT

Sean Connolly is CEO of Hillshire Brands
Sean Connolly is CEO of Hillshire Brands

The bidding war for Jimmy Dean sausage maker Hillshire Brands has stepped up a gear with Tyson Foods increasing its offer from $50 a share to $63 a share; and fellow suitor Pilgrim’s Pride, which had offered $55 a share in its latest offer, bowing out of the race.

The latest offer from Tyson - the biggest U.S. chicken processor and a major processor of beef and pork - represents a roughly 70% premium to the price of Hillshire before the bidding began, and would help Tyson build a business in branded meat products.

Chicago-based Hillshire Brands - best known for its Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Aidells and Gallo brands -  was created in summer 2012 after Sara Lee spun off its international coffee arm.

The firm, which is on a mission to become the ‘most innovative meat-centric food company in the US’, generated approximately $4bn in annual sales in fiscal 2013.

 

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