The competition for Hillshire Brands is heating up, as Tyson Foods made an offer Thursday that it called “a significantly superior alternative to Hillshire's previously announced agreement to acquire Pinnacle Foods Inc.” of Parsippany. The deal would be contingent on Hillshire ending its bid to purchase Pinnacle.
Tyson’s $50-per-share cash offer represents a total value of $6.8 billion and a 35 percent premium to the closing price on May 9 — the day before Hillshire announced its proposed $4.23 billion deal for Pinnacle.
"Our proposal provides Hillshire shareholders with an immediate cash premium for their shares that we believe is both greater and more certain than what can be attained in the near term by the Company either on a standalone basis or in combination with any other food processing company," Donnie Smith, Tyson Foods president and chief executive officer, said in a news release.
On Tuesday, Pilgrim’s Pride offered Hillshire stockholders a $5.58 billion all-cash deal – also contingent on Hillshire ending its pursuit of Pinnacle.
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