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

By Elaine Watson contact

- Last updated on 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.

 

Related topics: Manufacturers

Related news

Follow us

Products

View more

Webinars