Investors are now waiting to see whether bidder Tyson Foods Inc. will come back with yet a higher bid.



The $55-per-share bid, worth about $6.82 billion, is the second from Greeley, Colo.-based Pilgrim's Pride as it competes with rival Tyson to win Hillshire, maker of Jimmy Dean sausages and Ball Park hot dogs. Tyson offered $50 a share last week, two days after Pilgrim's Pride first offered $45 a share. Tyson did not comment on Tuesday.



Hillshire shares were up 9.6 percent to $58.69 per share Tuesday afternoon, after rising to a new high of $58.74 earlier in the day. Pilgrim's Pride's shares fell 1.7 percent to $25.47, while Tyson's shares fell 2.3 percent to $42.41.



Hillshire Chief Executive Sean Connolly declined to say much about the deal speculation at a previously planned engagement at an Executives' Club of Chicago breakfast on Tuesday morning, which drew a crowd of more than 300 people.



"It was a slow week, so I was looking for something to do," Connolly joked during his speech, which came hours after Pilgrim's Pride publicly announced its higher offer.



Connolly said he originally planned to come to the event and do his best "to convince you that we are building a highly attractive company at Hillshire Brands." After bids for the company emerged last week, he said, "you don't have to take my word for it."



Shares of Hillshire closed at $37.02 per share on May 23, the last day of trading before Pilgrim's Pride announced its bid on May 27. They have been trading above $50 since Tyson announced its bid on May 29.



Pilgrim's Pride and Tyson have expressed interest in Hillshire due to its strong presence in U.S. grocery stores, with brand-name products such as Jimmy Dean breakfast sausage. Hillshire, formed when conglomerate Sara Lee split apart in 2012, has been bringing out new products and acquiring smaller companies such as Van's Natural Foods while cutting other costs.