Tyson Foods has joined Pilgrim's Pride in the bidding for Hillshire Brands. This new takeover bid comes after Hillshire announced their own acquisition of Pinnacle Foods earlier this month. Tyson has offered $50 a share for Hillshire. Pilgrim's offered $45 per share. The offer Tyson made would total in $6.8 billion, assuming debt.
Both the Tyson and Pilgrim's offer would mean the Pinnacle acquisition would halt, so they would have to assume Hillshire's $163 million breakup fee on top of the purchase price.
Thus far, Hillshire has not made a public comment about their plans. However, their stock has skyrocketed since the news broke, up to 51.76 at time of publishing:
This article is from the archive of our partner The Wire.