Tyson Foods Inc has offered to purchase Hillshire Brands Co for $6.3 billion, upstaging Pilgrim's Pride Corp 's offer for the sausage company earlier in the week, in a deal that would broaden Tyson's supermarket food offerings.Investors lauded Thursday's news, sending shares of Hillshire, known for its Jimmy Dean and Hillshire sausages, nearly 18 percent higher to $52.69, above Tyson's $50 per share offer, suggesting that some investors expect a bidding war.The overture from Tyson, the biggest U.S. meat processor, trumped Pilgrim's $45 per share bid earlier this week.Both all-cash offers include the assumption of Hillshire's debt.
Tyson Foods, Inc. is a food production company. The Company produces, distributes and markets chicken, beef, pork, prepared foods and related allied products. Shares of TSN traded higher by 6.43% or $2.6201/share to $43.37. In the past year, the shares have traded as low as $24.48 and as high as $44.24. On average, 3482150 shares of TSN exchange hands on a given day and today's volume is recorded at 8956917.
Source
