Pilgrims has now bid $55 a share for Hillshire Brands, which is the meat processing spin off from the Sara Lee company.

The total value of the new bid is $7.7 billion.

Pilgrim’s Pride estimates the revenue from the company will be around $300 million a year through synergies and operational efficiencies.

Pilgrims said there are also considerable opportunities to grow the company.

JBS said it is confident that the proposal is both strategically and financially attractive

The proposal is in line with the overall strategy of JBS to expand its presence in higher value-added products with leading brands in the markets in which it operates, offering convenience and practicality to its consumers.

Hillshire Brands is one of the leaders in the American food market for prepared meat products, with annual revenues of approximately $ 4.0 billion and approximately 9,000 employees.

Based in Chicago, the company has in its portfolio leading brands such as Jimmy Dean, Ball Park, Hillshire Farms, State Fair, Sara Lee, Aidells and Gallo Salame among others.

Last week, Tyson Foods, put in a bid of $50 per share for The Hillshire Brands Company.

This followed Pilgrim’s Pride’s initial bid for the company of $45 a share.