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June 3, 2014

US: Pilgrim’s Pride reportedly ups offer for Hillshire buy

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

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.

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