Pilgrim's Pride Board to Form Special Committee to Evaluate JBS Proposal

By Colin Kellaher

Pilgrim's Pride Corp. said its board plans to form a special committee to review and evaluate a proposal from majority shareholder JBS S.A. to buy the rest of the chicken processor.

Brazil's JBS, which already owns more than 80% of Pilgrim's Pride, last week proposed to pay $26.50 a share, or nearly $1.3 billion, in cash for the remaining stake in the Greeley, Colo., company.

JBS said at the time that its proposal, which values Pilgrim's Pride at roughly $6.46 billion, would be subject to the approval of a special committee of independent and disinterested Pilgrim's Pride board members.

In a filing with the U.S. Securities and Exchange Commission, Pilgrim's Pride said it could give no assurance that the proposal will result in an agreement with JBS or any other deal.

Shares of Pilgrim's Pride rose more than 20% Friday to close at $27.34, above the JBS proposed buyout price.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

August 16, 2021 06:38 ET (10:38 GMT)

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