JBS proposes to acquire remaining shares in Pilgrim’s Pride

JBS SA, a Brazilian meatpacking giant, has announced plans to acquire the remaining shares of Pilgrim’s Pride Corp, which it does not already own. The acquisition offer stands at 2.086 JBS Class A shares for every Pilgrim’s Pride share, based on the closing prices from Tuesday. Each Pilgrim’s Pride share would be valued at $28.49 under this proposal.

As of Tuesday, JBS shares were trading at $13.66, while Pilgrim’s Pride shares were at $28.49, both experiencing around a 1% increase in extended trading. Currently, JBS holds about 82% of Pilgrim’s Pride, which boasts a market capitalization of roughly $6.78 billion. The proposed deal necessitates approval from a Pilgrim’s Pride committee of independent directors and minority shareholders.

This announcement comes after JBS recently entered into a joint venture agreement with Indonesia’s sovereign wealth fund, Danantara, aimed at protein production investments in various countries. Pilgrim’s Pride has also recently finalized the purchase of Walker’s Deli & Sausage Company for roughly $142 million. This report was produced with AI assistance and subsequently reviewed by a human editor. For additional details, refer to the article's terms and conditions.