SPRINGDALE, Ark. — Tyson Foods Inc. has submitted a unilaterally binding offer to acquire all outstanding shares of The Hillshire Brands Co. for a price of $63 per share in cash — an all-cash transaction valued at approximately $8.55 billion.
Following the Tyson announcement, Pilgrim's Pride Corp. announced that it has withdrawn its proposal to acquire The Hillshire Brands Co.
"As a disciplined acquirer, we determined that it was in the best interests of our shareholders not to increase our proposed price of $55 per share in cash," said Bill Lovette, Pilgrim's chief executive officer. "Pilgrim's will. . .
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