Tyson wins bidding war to gobble up Hillshire

By: From Wire Reports
By: From Wire Reports

NEW YORK (AP) - Meat producer Tyson Foods Inc. has won a bidding war for Hillshire Brands, the maker of Jimmy Dean sausages and Ball Park hot dogs, with a $63 per share offer.

Both Tyson and Pilgrim's Pride had been bidding for Hillshire Brands. Tyson had previously offered $50 per share for the company. Pilgrim's Pride then raised its bid to $55 per share. Pilgrim's Pride says it is withdrawing its offer.

The offer from Tyson is worth $7.75 billion based on Hillshire's 123 million shares outstanding. Tyson values the deal at $8.55 billion, including debt.

Tyson said the combination will help it expand its prepared food business.

The deal is contingent on Hillshire Brands terminating its agreement to buy Pinnacle Foods, which makes Birds Eye frozen vegetables and Wish-Bone salad dressings.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


Sherman 4201 Texoma Pkwy (903) 892 -8123 Ardmore 2624 S. Commerce (580) 223-0946
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 262415251 - http://kxii.com/a?a=262415251
Gray Television, Inc.