JBS Revisits Bid for Full Control of Pilgrim’s Pride
Brazilian meatpacker JBS has submitted a new non-binding proposal to acquire the remaining shares of its U.S. subsidiary, Pilgrim's Pride, four years after withdrawing an earlier attempt at full ownership. The offer values each share at $28.49 and involves exchanging 2.086 JBS Class A shares for every Pilgrim’s Pride share held by investors. If accepted, the deal would delist Pilgrim’s Pride from Nasdaq. JBS initially acquired a controlling stake in Pilgrim's Pride during its Chapter 11 bankruptcy proceedings in 2008 and now owns approximately 82% of it through JBS USA. The company cited streamlined operations and cost savings as key benefits, aiming to eliminate the expenses associated with maintaining a public subsidiary. The proposal must be reviewed by an independent committee and approved by unaffiliated shareholders before moving forward.
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