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Brazil’s JBS announced that it has submitted to the Board of Directors of Pilgrim’s Pride Corporation a proposal for JBS to acquire all of the outstanding shares of common stock of PPC that are not owned by JBS or its subsidiaries for a price of $26.50 per share in cash (the “Proposed Transaction”).
As a producer and supplier of all major animal proteins around the world, JBS has been actively reinvesting its capital to grow, providing increased opportunities for producer partners and customers. JBS’s existing majority ownership in PPC has enabled JBS to expand its portfolio in the United States beyond beef and broaden its retail distribution network. The proposed acquisition of the remaining shares in PPC not owned by JBS or its subsidiaries would further simplify JBS’s corporate structure and enhance future strategic flexibility to grow and better serve its customers.
The Proposed Transaction consideration, which exceeds PPC’s 52-week high trading price, represents a 17% premium to August 12th closing price of PPC’s shares of common stock, a 26% premium to the closing price one week ago, and a 22% premium to August 12th’ trailing 30-calendar day closing average.
The Proposed Transaction would be subject to the approval of a fully empowered special committee of independent and disinterested directors appointed by the PPC Board of Directors, advised by independent legal and financial advisors. In addition, the Proposed Transaction would be subject to the approval of holders of a majority of the aggregate voting power represented by shares of PPC common stock that are not owned by JBS or its affiliates and other customary closing conditions.
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