Pilgrim's Pride has announced that it has withdrawn the $55 per share in cash offer to acquire Hillshire Brands.
The decision follows Tyson Foods' announcement of $63 per share bid for Hillshire, a deal which values the company at $8.55bn.
Speaking about the development, Pilgrim's chief executive officer Bill Lovette said that the company determined that it was in the best interests of its shareholders not to increase its proposed price of $55.00 per share in cash.
"Pilgrim's will maintain its strong focus on operational excellence and shareholder value, while pursuing acquisition opportunities that advance our stated strategy. We appreciate the support of our shareholders, customers and team members throughout this process," Lovette added.
Pilgrim's Pride employs nearly 35,700 people and operates chicken processing plants and prepared-foods sites in 12 US states, Puerto Rico and Mexico.
