Pilgrim’s Pride is now offering $55 per share for Hillshire, valuing the company at $7.7 billion. That tops the $50 per share bid for Hillshire made by Tyson Foods (TSN), which values HSH at $6.8 billion. Hillshire has indicated that it is discussing both bids and providing information to Pilgrim’s Pride and Tyson Foods, Reuters notes.
On Monday, Hillshire Brands closed at $53.57 per share. Pilgrim’s Pride had originally offered $45 per share for Hillshire.
Pilgrim’s Pride shares sank modestly in Tuesday morning trading, while TSN stock fell almost 1%.
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