Pilgrim's Pride Ups Hillshire Bid To $7.7B, Tops Tyson

Law360, New York (June 3, 2014, 2:03 PM EDT) -- Pilgrim's Pride Corp., the world's second-largest chicken producer, increased its offer to buy out Hillshire Brands Co. to $7.7 billion, the company announced Tuesday, topping a rival $6.8 billion offer by Tyson Foods Inc. and setting off a bidding war.

Colorado-based Pilgrim’s submitted a revised proposal to Hillshire on Sunday offering to buy the packaged foods company for $55 per share in a transaction valued at $7.7 billion, the company said in a statement. That’s a $1.3 billion boost from Pilgrim’s initial May 27 offer of...
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