ConAgra Inc. has increased its bid to acquire Holly Farms Corp. by $144 million, the Omaha-based firm announced Sunday. Under the new agreement, ConAgra would pay a total of $1.346 billion - at existing stock prices - to acquire Memphis-based Holly Farms. The agreement came after negotiations broke down over the weekend between ConAgra and Tyson Foods Inc. of Springdale, Ark. - the two firms battling to take over Holly Farms. Under the new agreement, Holly Farms stockholders would receive 2.1 shares of ConAgra common stock for each of their Holly Farms shares. Based on ConAgra's closing price Friday of $35.625, that would make each share worth $74.81.
Full text: Omaha World - Herald, May 22, 1989
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