Poultry producer Pilgrim’s Pride confirmed Tuesday it countered the offer by Tyson Foods Inc. in the fight over the acquisition of Hillshire brands, increasing its original proposal by $1.3 billion.
Pilgrim’s Pride offered to purchase the company in a deal worth $6.4 billion early last week only to have Arkansas-based meat and poultry giant Tyson Foods join the bidding war with an offer of $6.8 billion.