Tyson Foods Inc. has won the bidding battle against Pilgrim's Pride to acquire Hillshire Brands. Hillshire Brands is the maker of Jimmy Dean sausages and Ball Park hot dogs.

Tyson's final offer to Hillshire was $63 per share. Two weeks ago, Pilgrim's Pride offered $45 per share to acquire the company and upped their bid all the way to $55 per share.

Sunday, Tyson put in the final offer and Pilgrim's Pride decided to end their bidding on Hillshire.

The deal is not complete yet. Tyson is requiring Hillshire Brands to end their acquisition of Pinnacle Foods Inc., maker of Birds Eye frozen vegetables and Wish-Bone salad dressings. Pinnacle would receive a $163 million break-up fee from Hillshire if the merger doesn't occur. Shareholders could also vote on the proposed merger and their preferences.

Tyson CEO Donnie Smith was happy with the outcome of the bidding, he said during a conference call with reporters. Even though the price went all the way to $63 per share, Smith still thinks the deal will be beneficial for Tyson shareholders.

"Great brands like Jimmy Dean and Ball Park just don't become available very often," Smith said. 

Both Tyson and Pilgrim's Pride were trying to get more exposure in the prepared foods market. The frozen sandwiches like Jimmy Dean are more profitable than fresh meat.

Tyson is excited to get into the growing breakfast foods category, as well as into the prepared foods market, the company said.

"Our strategy has been to grow our prepared foods business, and it has been our aspiration to be a leader in retail prepared foods just as we are in chicken," Tyson chief executive Donnie Smith said in a statement. "Now we will have those iconic #1 and #2 brands in numerous categories." 

The deal with Hillshire could help prevent any meat shortages this summer. Tyson warned that there's a virus affecting piglets that could possibly hurt meat production. In addition, the drought in California led to decreased cattle supplies.

Tyson's offer to Hillshire will be in effect until Dec. 12. Tyson has cash on hand and will use financing as well to fund the deal.