View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
June 9, 2014

US: Tyson “outbids Pilgrims” in battle for Hillshire

Tyson Foods has reportedly raised its bid for Hillshire Brands, outbidding rival Pilgrim's Pride in the battle to take control of the Jimmy Dean maker.

Tyson Foods has reportedly raised its bid for Hillshire Brands, outbidding rival Pilgrim’s Pride in the battle to take control of the Jimmy Dean maker.

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. 

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU