Meat processor Tyson Foods Inc offered to purchase Hillshire Brands Co for $6.13 billion, trumping a bid from Pilgrim's Pride Corp, as it looks to expand into the fast-growing market for branded breakfast foods.Tyson offered $50 per share for the maker of Ball Park hotdogs and Jimmy Dean Sausages, $5 more than Pilgrim's bid.Hillshire's shares were trading at $52.37 on Thursday morning, suggesting some investors were expecting Tyson's overture to trigger a bidding war.Shares of Tyson, the largest U.S. meat processor, were up 7 percent.
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 6.87% or $2.8/share to $43.55. 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 4580200.
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