Tyson Foods Inc. won the bidding war for Hillshire Brands Co HSH.N with an all-cash offer that values the maker of Jimmy Dean sausages at $8.55 billion including debt and would be the biggest deal yet in the global meat business.
Tyson, the largest U.S. meat processor, on Monday announced an agreement to buy Hillshire for $63 per share. That was significantly higher than last week's $55 per-share bid from Pilgrim's Pride Corp PPC.O, which is majority owned by meatpacking giant JBS SA JBSS3.SA of Brazil.
The high-stakes battle for Hillshire, which also sells Ball Park hot dogs, Jimmy Dean frozen breakfast sandwiches and Aidells artisan sausages, underscores how urgently large meat companies are seeking popular consumer brands to fatten profits.
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