Meat

Following the conclusion of the bidding process, Tyson Foods submits unilaterally binding offer to acquire Hillshire Brands for $8.55 billion in cash.

This new proposal comes just days after Tyson Foods Inc.'s competing offer for Hillshire, which exceeded Pilgrim's Pride's initial offer of $6.4 billion at a total value of $6.8 billion.

Valued at $6.8 billion, the deal is another alternative to a recently proposed offer from Pilgrims Pride, and is also subject to the termination of Hillshire's previous merger agreement with Pinnacle.

This announcement comes after a pending agreement for Hillshire to acquire Pinnacle Foods for $6.6 billion.

On a combined basis, the companies are expected to have leading positions in key frozen, refrigerated and center of store grocery categories.

As CEO, the executive will be responsible for overseeing the company's business strategy and operations, and will leverage more than 30 years of experience in the food industry.

Under the terms of the agreement, Genpact Limited will help Hillshire Brands transform and run its finance and accounting (F&A) operations.

The Oscar Mayer brand is introducing P3 Portable Protein Pack, packs of meat, cheese and nuts, designed for active consumers.