US Markets
Home›US Markets›M&A & Deals›JBS makes non-binding bid for remaining Pilgrim’s Prid…
JBS makes non-binding bid for remaining Pilgrim’s Pride shares
The offer values Pilgrim’s Pride at $28.49 per share, and would delist the company from Nasdaq if completed.
JBS has submitted a non-binding proposal to acquire the remaining shares of Pilgrim’s Pride, seeking full control of the US majority-owned subsidiary, according to a statement dated 18 August. The company would offer Pilgrim’s Pride investors 2.086 JBS Class A shares for each Pilgrim’s Pride share they own.
The proposed $28.49 per share offer would, if completed, remove Pilgrim’s Pride from the Nasdaq stock exchange. JBS said the transaction would eliminate Pilgrim’s Pride’s standalone public company costs, which it expects to support more flexible and efficient capital allocation across the group.
JBS currently owns about 82% of Pilgrim’s Pride through JBS USA, after first taking control in 2009 when it bought a 64% stake for $800m following Pilgrim’s Pride predecessor’s Chapter 11 bankruptcy. The company previously sought full ownership in 2021, then withdrew the approach a year later.
The proposal is subject to review by a special committee of independent directors and requires approval from a majority of votes cast by unaffiliated PPC shareholders, along with customary closing conditions. Pilgrim’s Pride brands include Pilgrim’s Chicken, Just Bare, Gold’n Plump and Moy Park.
Latest closeGold $4,432.00 ▲1.6%|Nasdaq Comp. 26,729.16 ▼0.3%