This combo made with file photos shows a package of frozen Tyson Chicken Nuggets, left, and a package of Hillshire Farm sausage, in Palo Alto, Calif. Two days after poultry producer Pilgrim’s Pride made a $5.58 billion dollar bid for the maker of Ball Park hot dogs and Jimmy Dean sausages, Tyson Foods Co. on Thursday, May 29, 2014 sweetened the pot with a $6.2 billion offer. The deal sent Hillshire shares up 14 percent in premarket trading. (AP Photo/Paul Sakuma, File)
May 29, 2014 - 5:55 AM
NEW YORK, N.Y. - Hillshire Brands has another suitor. Tyson Foods Co. is offering to buy Hillshire for $50 per share. That's $5 per share higher than Pilgrim's Pride offer earlier this week.
Hillshire Brands, which makes Ball Park hot dogs and Jimmy Dean sausages, has been trying to buy Birds Eye frozen vegetables maker Pinnacle Foods for $4.23 billion.
But Tyson, one of the world's largest meat-processing companies, said its offer would make a more profitable company.
The offer is a 35 per cent premium to Hillshire's closing price May 9, the day before Hillshire announced its Pinnacle acquisition bid. The offer is worth about $6.2 billion.
Hillshire said earlier it strongly believes in its deal with Pinnacle Foods but is reviewing Pilgrim Pride's $5.58 billion offer.
Hillshire could not immediately be reached about the Tyson offer.
News from © The Associated Press, 2014