Hillshire Brands has confirmed Pilgrim’s Pride has increased its takeover bid for the US food group, following speculation earlier today (3 June).

In a statement this morning, Hillshire said Pilgrim’s Pride, which last week tabled a US$45-a-share bid, had upped its offer to $55 per share – beating an bid from rival meat processor Tyson Foods, tabled last week, of $50 per share.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Pilgrim’s new offer would value a transaction at US$7.7bn. Tyson’s bid valued Hillshire at $6.8bn.

Hillshire said today it would hold talks with Pilgrim’s and Tyson over their bids for the business.

However, the Jimmy Dean sausage and Sara Lee desserts maker said the offers are still “conditioned on the termination of the Pinnacle Foods merger agreement”.

Last month, Hillshire struck a proposed deal to buy another US food group, Pinnacle Foods, in a cash-and-shares transaction worth $6.6bn.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Hillshire said today: “Hillshire Brands does not have the right to terminate the Pinnacle Foods merger agreement on the basis of either of these proposals or enter into an alternative acquisition agreement with either of these parties prior to termination.

“The Hillshire Brands board of directors is not withdrawing, modifying, withholding or qualifying its recommendation with respect to the Pinnacle merger agreement and the merger, or proposing to do so, and is not making any recommendation with respect to either the Pilgrim’s Pride or Tyson Foods proposals,” it added.

Tyson Foods told just-food today (3 June) it was “aware of the new offer” but had “no comment” when asked if it would be increasing its bid.