World News: 19:11 GMT Monday 9th June 2014. [Yahoo Business News Feed via SPi World News]
Tyson Foods Inc won the bidding war for Hillshire Brands Co with an all-cash offer that values the maker of Jimmy Dean sausages at $8.55 billion and would be the biggest deal yet for the global meat business. Tyson, the largest U.S. meat processor, on Monday announced an agreement to buy Hillshire for $63 per share. 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 commodity meat companies want to gobble up popular, and more profitable, brands. Great brands like Hillshire, Jimmy Dean and Ball Park just don't come available very often," Tyson Chief Executive Donnie Smith said on a conference call with reporters.
Read More: http://news.yahoo.com/tyson-wins-bidding-war-hillshire-over-pilgrims-pride-024030266--finance.html
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