CHICAGO, June 3 (UPI) -- The Hillshire Brands board said Tuesday it will initiate talks with both Tyson Foods and Pilgrim's Pride, after the latter upped its takeover bid by $10 to $55 a share.
The maker of Jimmy Dean sausage and Sara Lee desserts has been caught in the middle of a bidding war with Tyson and Pilgrim's upping each other's bids. Pilgrim's Pride, a unit of Brazilian meat company JBS SA, had initially offered $45 a share, which was topped by Tyson with a $50 a share bid. Tuesday's offer of $55 a share sent Hillshire's stock price up by 8 percent to $58.15, above the latest offer from either pursuer.