Tyson's Prepared Foods President Donnie King is overseeing the buying process . King tells KNWA News it's a purchase the company needs to make.
"Every time we would do this, Hillshire would always come to the top as somebody that we needed to own and a company that would be very complimentary to our business," said King.
Over the weekend, Hillshire expressed its interest in joining Tyson, choosing between the Springdale-based company and Pilgrim's Pride.
"We've been going through the process and late last evening, we confirmed that we were the winning bidder between the two parties," said King.
Reuters reports the purchase price IS $63 per share, valuing Hillshire at $8.55 billion dollars.
For Springdale Mayor Doug Sprouse, the pending purchase can only be good news for the city.
"What's good for Tyson, as the city's largest employer, is going to be an impact on the city of Springdale." said Sprouse. "They're obviously an important part of the city of Springdale and Northwest Arkansas."
If the deal is made, Tyson will become to number two frozen retail brand in the country, just one of the many benefits for the company.
"A number of opportunities to take costs out of the business as well as grow our business and grow those iconic brands," said Mayor Sprouse.
More jobs are expected for Northwest Arkansas if the deal pans out, but King says the company must iron out the details first. "Anytime you have growth, it provides opportunity so we don't see anything less than that but specifics around that, we simply don't know yet," said King.
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