Aug. 19 at 12:07 AM
Brazilian meat giant JBS proposed acquiring the remaining shares of Pilgrim’s Pride it does not already own, offering 2.086 JBS Class A shares for each Pilgrim’s Pride share, valuing the target at
$28.49 per share based on Tuesday’s closing prices.
JBS already owns about 82% of Pilgrim’s Pride, which has a market capitalization of roughly
$6.78 billion. The transaction requires approval from an independent committee of Pilgrim’s Pride directors and minority shareholders. Both stocks gained about 1% in after-hours trading following the announcement.
The deal comes as JBS expands its global protein strategy, following a recent agreement to form a joint venture with Indonesia’s sovereign wealth fund Danantara to invest in protein production across multiple countries. Pilgrim’s Pride has also been pursuing expansion, recently agreeing to acquire Walker’s Deli & Sausage Company for approximately
$142 million.
$JBS $PPC