Holly Farms Corp., the subject of a...

Holly Farms Corp., the subject of a $940-million hostile takeover bid from rival chicken producer Tyson Foods Inc., said its board will explore alternatives to selling the company. Memphis, Tenn.-based Holly Farms, which rejected Tyson’s unsolicited $52-a-share bid as inadequate last week, said in a letter to Tyson’s chairman that its board has authorized management to explore possible alternatives to Tyson’s offer. Holly Farms said its board has not decided that the company should be sold. Holly is the fifth-largest U.S. chicken supplier, while Springdale, Ark.-based Tyson leads the industry.