Pilgrim's Pride Corp is planning to raise its offer for Hillshire Brands Co a week after it first offered to purchase the maker of Jimmy Dean Sausages in a $6.4 billion deal, the Wall Street Journal reported on Monday, citing people familiar with the matter. Hillshire's shares were 2.8 percent higher in extended trading.The new offer would value the meat company at $55 a share, according to one person, or more than $6.7 billion, the newspaper reported. (link.reuters.com/mur79v)The new offer escalates a bidding war with Tyson Foods Inc , which entered the race just two days after Pilgrim's offer.Representatives at both Pilgrim's Pride and Hillshire did not reply to an email outside of regular business hours.
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 2.21% or $0.94/share to $43.40. In the past year, the shares have traded as low as $24.51 and as high as $44.24. On average, 3613400 shares of TSN exchange hands on a given day and today's volume is recorded at 2944817.
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