Tyson Foods Inc said it reached a "unilaterally binding offer" to purchase Hillshire Brands Co for $8.55 billion, including debt, beating out Pilgrim's Pride Corp for the maker of Jimmy Dean sausages. Tyson's increased offer of $63 per share represents a premium of nearly 7 percent to Hillshire's Friday closing price of $58.92.Tyson, the world's second largest meat processor after Brazil's JBS SA, had earlier offered $50 per share, which valued Hillshire at $6.8 billion, including $500 million in debt.Pilgrim's Pride, majority owned by JBS, raised its offer to $55 per share last week from $45 per share, valuing Hillshire at $7.7 billion, including 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 fell by 1.91% or $-0.78/share to $40.12. In the past year, the shares have traded as low as $24.74 and as high as $44.24. On average, 3717910 shares of TSN exchange hands on a given day and today's volume is recorded at 5409000.
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