Pilgrim's Pride Corp, the second largest U.S. chicken processor, raised its offer for Hillshire Brands Co, escalating a bidding war with Tyson Foods Inc for the maker of Jimmy Dean sausages.Hillshire's shares rose 9 percent at $58.50 in premarket trading, after Pilgrim's Pride said it raised its offer to $55 per share in cash from $45.Tyson Foods, the largest U.S. meat processor, has offered $50 per share in cash.Hillshire said it would "provide information" to both bidders and conduct talks with them.
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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