JBS SA is looking to complete its acquisition of Pilgrim’s Pride, a company in which it already owns a stake of 80.21%.
Pilgrim’s declared in a recent filing with the Securities and Exchange Commission that JBS has made an unsolicited offer for its remaining stock of $26.50 per share. The stock was selling for $27.47 the morning of Aug. 17.
Pilgrim’s board will form a special committee to consider the offer, which would have to be approved by a majority of shareholders. If the offer is accepted, Pilgrim’s stock would presumably be delisted.
Brazil-based JBS, the world’s biggest meat company, bought a majority stake in Pilgrim’s, an American processor of poultry and pork, in 2009.
