US: Food fight winner for Hillshire emerges

Tyson Foods has reportedly won its bidding war with Pilgrim’s Pride to acquire processed meat company Hillshire Brands, reports say.

Tyson ultimately won the food fight with a bid of $8.55 billion, an offer announced Monday. The bidding concluded Sunday when Pilgrim’s announced it had withdrawn its $7.7 billion offer.

Pilgrim’s first announced plans to acquire Hillshire last week, though noted that its acquisition would only be valid if Hillshire dropped its own buyout plans. Hillshire had initially sought to acquire Pinnacle for $4.3 billion.

Following Pilgrim’s offer, Tyson first offered $6.8 billion for Hillshire.

The deal remains subject to regulatory approval.

Full content: Reuters

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