JBS N.V. has submitted a proposal to acquire the remainder of outstanding shares of common stock of chicken processor Pilgrim’s Pride Corp. (PPC), according to a release from JBS distributed today.

JBS already currently owns about 82% of PPC common stock, and this non-binding proposal to the Pilgrim’s Pride board of directors would offer 2.086 JBS Class A common shares for each share of PPC common stock. PPC would be delisted after the transaction, if the proposal were to be accepted and executed. Several news outlets and analysts are reporting that the proposal as priced would values the minority stake at roughly $1.2 billion.

JBS has owned a majority stake in Pilgrim’s since December 2009, when it purchased a majority stake in the chicken processor for $800 million in a deal that allowed Pilgrim’s to emerge from Chapter 11 bankruptcy. Pilgrim’s had acquired Gold Kist Inc. for $1.3 billion two years prior and racked up billions of dollars in debt in the face of high feed prices at the time.

In August 2021, JBS moved to acquire the remaining shares of PPC that it didn’t own, making an offer of $26.50 in cash per share at the time. A special committee of the PPC board said that price was a non-starter and would not advise acceptance unless the purchase price was raised. In November 2021, JBS boosted its offer to $28.50 per share, and the PPC special committee notified JBS that price still did not value PPC appropriately and it would not accept the offer. In February 2022, JBS announced in a securities filing that it was basically standing down, withdrawing its offer to acquire the remainder of PPC shares.

Now, JBS is once again looking to take Pilgrim’s private, offering PPC stockholders the opportunity to continue to participate in the future performance of Pilgrim’s as a part of JBS’s stockholder group, as well as the benefits of simplifying the organizational structure and capital allocation across the combined JBS and Pilgrim’s platform.

The proposal is subject to approval of a special committee of independent and disinterested directors that PPC’s board of directors are expected to appoint. Furthermore, JBS believes that a majority of current PPC common stock owners (that does not include JBS or its affiliates) will need to vote and approve the deal.