A battle over the acquisition of Hillshire Brands is forming as Tyson Foods Inc. announced Thursday its proposal to buy the Chicago-based company, countering the offer by Pilgrim’s Pride submitted earlier this week.
The Arkansas-based meat and poultry company increased the offer from Pilgrim’s Pride, proposing a deal valued at $6.8 billion, up from the unsolicited offer of $6.4 billion from Pilgrim’s received on Tuesday. The Tyson Foods offer proposes to acquire the brand for $50 per share in cash.