Hillshire acquisition is “defining moment” for Tyson
09/06/2014
The battle to acquire Hillshire has gone on for two weeks, with rival group Pilgrim’s Pride, controlled by Brazilian packer and tanning company JBS, also bidding.
On June 9, Tyson said Hillshire had accepted its bid of an all-cash transaction valued at approximately $8.55 billion, including Hillshire Brands’ outstanding net debt. This bid valued each Hillshire share at $63, while Pilgrim’s Pride’s highest bid was $55.
“The Hillshire Brands acquisition would represent a defining moment,” said Tyson Foods chief executive, Donnie Smith. “Our strategy has been to grow our prepared foods business, and it has been our aspiration to be a leader in retail prepared foods.”
Image shows Tyson Foods chief executive, Donnie Smith.
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