Pilgrims Pride has reportedly increased its offer for the acquisition of Hillshire Brands

Pilgrim's Pride has reportedly increased its offer for the acquisition of Hillshire Brands

Pilgrim's Pride is reportedly upping its offer for the acquisition of Hillshire Brands to US$55 a share.

The firm is engaged in a bidding war with Tyson Foods and initially offered $45 per share for control of the business.

Tyson followed the offer with a bid for $50 a share.

Citing "people familiar with the matter", the Wall Street Journal reported that Pilgrim's Pride had increased its offer with Tyson Foods adding it "was aware of the report of a new offer from Pilgrim's, but it did not have a comment".

Analysts have suggested there could be an emergence from Hormel and possibly Sanderson Farms, ConAgra Foods or Cargill as bidders with an interest in Hillshire Brands.