Tyson makes rival $6.2 billion bid for Chicago-based Hillshire Brands
ASSOCIATED PRESS May 29, 2014 8:10AM
Chicago-based Hillshire Brands, already bidding for another company, is now itself the target of a takeover by Pilgrim’s Pride Co., the country’s second-largest chicken producer. | AP Photo
Updated: May 30, 2014 4:21PM
NEW YORK — Chicago-based Hillshire Brands has another suitor. Tyson Foods Co. is offering to buy Hillshire for $50 per share. That’s $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.
The offer is a 35 percent premium to Hillshire’s closing price May 9, the day before Hillshire announced its Pinnacle acquisition bid. The offer is worth about $6.2 billion.
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.