The bidding war for Hillshire Brands and products like its Jimmy Dean breakfast sandwiches is escalating. Pilgrim's Pride has topped its previous offer for the company, valuing it at about $55 a share, or $7.7 billion. That's according to a news release by Pilgrim's Pride, which said that it submitted the revised bid to Hillshire on June 1. The new bid tops its prior offer, which valued the company at $6.4 billion, as well as one from Tyson Foods, which offered $50 a share, or $6.8 billion. Pilgrim's called the new offer "financially compelling" for shareholders of both companies, noting it would generate annual cost savings of $300 million from increased efficiencies.

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