(Reuters) — Tyson Foods prevailed over Pilgrim’s Pride Corp in a bidding war between meat processors over Hillshire Brands, with an increased offer valuing the maker of sausages and luncheon meats at $8.55 billion including debt.
Tyson, the world’s second biggest meat processor, said June 9 it would offer $63 per share for Hillshire, a premium of nearly seven percent to Hillshire’s closing price on June 6.
Pilgrim’s Pride, majority owned by Brazil’s JBS SA, said it had withdrawn its offer. Before the bidding war, in early May, Hillshire’s shares were trading at less than $40.
