US: Tyson "outbids Pilgrims" in battle for Hillshire
Tyson "outbids" Hillshire - reports
According to Bloomberg, which cited sources with knowledge of the matter, negotiations between Hillshire and its suitors over the weekend saw Hillshire reach an agreement to endorse an improved offer from Tyson and abandon its previously-agreed merger with Pinnacle Foods.
If Hillshire does back out of the Pinnacle deal the group will be required to pay a US$163m breakup fee.
Pilgrim's Pride entered these negotiations as the highest bidder - with an offer of US$55 a share for the business. Tyson had issued a bid of $50 per share. Hillshire shares are currently trading at $58.92.
Tyson, Hillshire and Pilgrim's did not immediately respond to requests for comment.
Pilgrim’s Pride Corporation (Pilgrim’s Pride) is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products. The company offers fresh chicken p...
The Hillshire Brands Company - Strategy and SWOT Report, is a source of comprehensive company data and information. The report covers the company’s structure, operation, SWOT analysis, product and ser...
Synopsis The report provides a review of the mergers and acquisitions (M&As), partnering deals, and agreements entered into by companies active in the global meat market during May 2014. Summary Usin...
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