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Tyson Sweetens Bid for Holly: Tyson Foods Inc. continued...

June 21, 1989

Tyson Sweetens Bid for Holly: Tyson Foods Inc. continued its pursuit of Holly Farms Corp. by sweetening its cash bid to $1.27 billion. Tyson said it was raising its bid for its rival poultry processor to $70 a share from $63.50 a share, or a total of $1.1 billion. The offer is no longer contingent upon the elimination of an asset lockup option agreement between Holly Farms, based in Memphis, Tenn., and Conagra Inc., based in Omaha, Neb. Holly Farms has agreed to be acquired by ConAgra in a $1.3-billion stock swap.

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