JBS increases Hillshire bid

JBS increases Hillshire bid

M&A

Pilgrim’s Pride has grown its offer for US company Hillshire Brands by $1.3bn, it said on Tuesday. The hike comes after another food producer, Tyson Foods, launched a rival bid for the same company. Brazilian protein company JBS owns 75% of Pilgrim, and the deal fits its strategy to expand in convenience foods. Pilgrim is now offering $55 a share — $7.7bn — for Hillshire. It says that is a 49% premium to the firm’s share price the day before Hillshire announced its own acquisition – the $6.6bn t

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