Brazil's JBS Proposes to Buy Rest of Pilgrim's Pride
August 13 2021 - 7:21AM
Dow Jones News
By Colin Kellaher
Brazilian meat conglomerate JBS S.A. said it has proposed to buy
the roughly 20% of chicken processor Pilgrim's Pride Corp. is
doesn't already own for $26.50 a share in cash.
The offer represents a nearly 17% premium to Thursday's closing
price of $22.68 for Greeley, Colo.-based Pilgrim's Pride.
JBS, which already owns about 80.2% of Pilgrim's Pride, said its
proposal is subject to the approval of a special committee of
independent and disinterested Pilgrim's Pride board members.
The Sao Paolo company said it is only looking to buy the rest of
Pilgrim's Pride and it has no interest in selling its stake in the
chicken processor.
Shares of Pilgrim's Pride rose 16% to $26.20 in premarket
trading Friday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 13, 2021 07:08 ET (11:08 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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