Tyson Foods offers $6.8B for Hillshire Brands

Chicago-based Hillshire Brands is a hot commodity. The meat processor is reviewing two acquisition bids, and both are in the $6 billion range.

According to Arkansas Business, Springdale, Ark.-based Tyson Foods Inc. has offered $50 per share, or about $6.8 billion – a 35 percent premium for Hillshire shareholders. The other suitor is Greeley, Colo.-based Pilgrim’s Pride, which days earlier proposed an acquisition valued at $5.58 billion, or $45 per share.

Hillshire is known for its lunchmeats, Ball Park hot dogs and Jimmy Dean sausages.

If Tyson wins the purchase war, Arkansas Business reports it would the company’s largest buyout, topping its $3.2 billion deal with IBP Inc. in 2001.
 
Read more at Arkansas Business.