Tyson wins bidding war to gobble up Hillshire
Tyson Foods Inc. has won a bidding war to gobble up Hillshire Brands, the maker of Jimmy Dean sausages and Ball Park hot dogs.
Tyson had been vying with rival poultry producer Pilgrim's Pride to acquire Hillshire, which wrapped up its bidding process Sunday. Tyson's final offer ended up at $63 per share, about two weeks after Pilgrim's Pride made an initial bid of $45 per share.
Pilgrim's Pride, which is owned by Brazilian meat giant JBS, said Monday that it was bowing out of the competition.
Still, the deal is not sealed yet. It is contingent on Hillshire not going through with its offer to acquire Pinnacle Foods Inc., which makes Birds Eye frozen vegetables and Wish-Bone salad dressings. Pinnacle could allow Hillshire to do its deal with Tyson, leaving Pinnacle with a $163 million breakup fee. Or it could force Hillshire shareholders to vote on whether they'd prefer a merger with Pinnacle.
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