Tyson will buy Hillshire Brands, reports say.
(Photo: Paul Sakuma, AP)

U.S. meat giant Tyson Foods announced today that it has offered to acquire all outstanding shares of Hillshire Brands Company for a price of $63 per share in cash.

The all-cash transaction is valued at about $8.5 billion, including Hillshire Brands’ outstanding net debt, Tyson Foods said in a statement.

This tops an earlier offer: Last Thursday Tyson Foods offered $50 a share — $6.8 billion, by Tyson’s calculation — in a proposal to acquire the maker of Jimmy Dean sausage and Ball Park hot dogs.

The latest offer, which follows a bidding process conducted by Hillshire Brands that concluded Sunday, is subject to Hillshire Brands being released from its existing agreement to acquire Pinnacle Foods, Tyson Foods says.

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Source: USA Today | Nanci Hellmich

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