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Tyson increases bid for Hillshire to $6.8 billion

Updated: May 30, 2014 9:56AM

NEW YORK — Tyson Foods offered $6.8 billion for Chicago-based Hillshire Brands on Friday, topping an offer earlier this week from Pilgrim’s Pride.

On Thursday, Tyson offering to buy Hillshire for $50 per share — about $6.2 billion in total — $5 per share higher than Pilgrim’s Pride offer earlier this week.

Hillshire Brands, which makes Ball Park hot dogs and Jimmy Dean sausages, has been trying to buy Birds Eye frozen vegetables maker Pinnacle Foods for $4.23 billion.

But Tyson, one of the world’s largest meat-processing companies, said its offer would make a more profitable company.

Hillshire said earlier it strongly believes in its deal with Pinnacle Foods but is reviewing Pilgrim Pride’s $5.58 billion offer.

Hillshire could not immediately be reached about the Tyson offer.

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