Pilgrim’s Pride raised its bid for Hillshire Brands to about $55 a share,
the
New York Times’
DealBook column reported.
The new offer tops Tyson Foods’ bid of $50 per share and is 22% higher than Pilgrim’s original proposal, the report noted.
Hillshire plans to talk to both companies, the
Times
article said. “The two bidders have been emboldened by high chicken prices and cheap corn feed costs, giving them the resources to pursue acquisitions,” the report said.
The
Times
article also noted, “Though Tyson is bigger by market capitalization — it is valued at $15 billion, compared with Pilgrim’s Pride’s $6.7 billion — the smaller poultry company is backed by JBS, the Brazilian meatpacking giant.” (Source: DealBook,
New York Times,
June 2, 2014.)
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