Tags: Tyson | Food | Bidding | Hillshire

Tyson Foods Said to Win Bidding for Hillshire Brands

Sunday, 08 Jun 2014 08:22 PM

Tyson Foods Inc. beat Pilgrim’s Pride in a bidding war to buy Hillshire Brands Co., the maker of Jimmy Dean sausages and Ball Park hot dogs, according to two people familiar with the situation.

The decision was made this weekend, said the person, who asked not to be named because the agreement wasn’t yet public. Pilgrim’s Pride, the chicken producer 75 percent owned by Brazil’s JBS SA, had the high bid previously at $55 a share — about $6.7 billion — before Hillshire agreed to enter talks with it and Tyson.

The deal will end Hillshire’s own earlier agreement to buy Pinnacle Foods Inc., the producer of brands including Vlasic pickles, for $6.6 billion including debt. Under terms of that deal, Hillshire would owe a $163 million breakup fee.

Gary Mickelson and Dan Fogleman, spokesmen for Tyson, didn’t respond immediately to e-mails seeking comment. Hillshire spokesman Mike Cummins did not return an email seeking comment. Rosemary Raysor, a spokeswoman for Pilgrim’s Pride, also couldn’t immediately be reached.

Hillshire was known as Sara Lee Corp. before spinning off its tea and coffee segment and renaming itself Hillshire Brands in June 2012.

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Tyson Foods Inc. beat Pilgrim's Pride in a bidding war to buy Hillshire Brands Co., the maker of Jimmy Dean sausages and Ball Park hot dogs, two people familiar with the situation told Bloomberg.
Tyson, Food, Bidding, Hillshire
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2014-22-08
Sunday, 08 Jun 2014 08:22 PM
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