Pilgrim's Pride ups bidding war for Hillshire

Pilgrim's Pride Corp, the second-largest U.S. chicken processor, raised its offer for Hillshire Brands Co., escalating a bidding war with Tyson Foods Inc. for the maker of Jimmy Dean sausages.

Pilgrim's Pride upped its offer to $55 per share in cash from $45, or roughly $7.7 billion, including debt, according to Fox Business.

Both comapnies offered to buy Hillshire last week. Springdale, Ark.-based Tyson Foods Inc. offered about $6.8 billion.

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