Tyson Foods Inc. made an unsolicited $6.2 billion offer to buy Hillshire Brands Co., trumping a competing bid from Pilgrim’s Pride Corp. of $6.1 billion.
Both food-processing companies have large private truck fleets.
Tyson is offering $50 a share, representing a premium of 35%, and said its offer is subject to Hillshire terminating an agreement to buy Pinnacle Foods Inc.
Tyson, with about 2,600 trucks and 6,000 trailers, ranks No. 11 on Transport Topics Top 100 listing of U.S. and Canadian private carriers. Hillshire, with about 340 tractors and 3,300 straight trucks, ranks No. 83.