Pilgrim's Pride Corp, the second largest U.S. chicken processor, raised its offer for Hillshire Brands Co., escalating a bidding war with Tyson Foods Inc. for the maker of Jimmy Dean sausages, Reuters reported today. Hillshire's shares rose 9 percent at $58.50 in premarket trading, after Pilgrim's Pride said it raised its offer to $55 per share in cash from $45. Tyson Foods, the largest U.S. meat processor, has offered $50 per share in cash. Pilgrim's Pride, which exited bankruptcy in 2009, said that its offer valued Hillshire at $7.7 billion, including debt. Tyson's offer values Hillshire at $6.8 billion, including $500 million in debt.
