Bloomberg News reports that the company’s decision was triggered by an announcement by Tyson Foods that the bank is advising it in a rival offer to buy Hillshire Brands, the people said, asking not to be identified because the matter is private. The firing came a day after JBS removed Morgan Stanley as lead underwriter of a planned bond sale for the same reason.
JBS’s $5.6bn bid for Hillshire on May 27 was trumped May 29 by a $6.2bn offer from Tyson that’s backed by bridge funding from Morgan Stanley, which is also acting as Tyson’s financial adviser. JPMorgan is likely to join Morgan Stanley in providing funding for the transaction, Tyson said.
JBS is seeking regulatory approval to sell shares of its JBS Foods SA unit in what would be Brazil’s first initial public offering this year.
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