In the same week Pilgrim’s Pride threatened to derail Hillshire’s plans to acquire Pinnacle by bidding to acquire Hillshire itself, reports say the food fight is heating up as a new food giant, Tyson Foods, has entered the race.
Tyson has reportedly offered $6.8 billion to acquire Hillshire, competing with Pilgim’s Pride’s $6.4 billion offer to acquire the firm. Pilgrim’s reportedly said it would only acquire the company, however, if Hillshire dropped its own acquisition pursuit of Pinnacle.
Hillshire announced earlier it was looking to acquire $6.6 billion for Pinnacle.
Tyson stands as the nation’s second-largest pork producer and its reportedly looking into new food markets through a Hillshire buy. According to reports, Tyson sent a letter to Hillshire explaining that it would have liked to bid on the company privately, but the recent spark of bidding activity forced the company to publically announce a competing offer.
Full content: LA Times
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