Tyson Foods Inc., the largest U.S. meat company, raised its offer for Hillshire Brands Co. to about $7.7 billion, outbidding Pilgrim’s Pride Corp. for the maker of Jimmy Dean sausages and Ball Park hot dogs.
JBS’s Pilgrim’s Pride Corp. unit offered $45 a share Hillshire Brands Co., it said in a statement today. The deal is contingent on Chicago- based Hillshire scrapping its $4.3 billion agreement to acquire Pinnacle.
Blackstone Group LP, the world’s biggest buyout firm, said first-quarter profit rose as market gains lifted the carrying value of its holdings. The shares fell after the company said a lackluster economy may curtail investing.