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JBS Seeks Rest of Pilgrim’s Pride Stake in $1.2 Billion Deal
JBS said the nonbinding proposal would simplify its structure and give Pilgrim's Pride shareholders access to its broader investor base.
- On Tuesday, Brazil-based JBS announced an offer to acquire the remaining 18% of Pilgrim's Pride in an all-stock deal valued at about $1.2 billion, seeking full control of the U.S. poultry producer.
- This represents the second attempt in five years to take full control, following a failed 2021 bid that collapsed over pricing disagreements. JBS's New York Stock Exchange listing now enables this stock-for-stock exchange, unlike previous cash offers.
- JBS offered 2.086 Class A shares for each Pilgrim's Pride share, worth $28.49 based on Tuesday's closing price. The company aims to simplify organizational structure and eliminate costs from operating a standalone public firm.
- Pilgrim's Pride shares rose 7% in extended trading following the announcement. The proposal remains non-binding, requiring approval from the Pilgrim's Pride board's special committee of independent directors and minority shareholders.
- The bid could face antitrust scrutiny given the Trump administration's focus on foreign control of agricultural assets. While beef production faces profit challenges, poultry has emerged as a more lucrative protein for meatpackers recently.
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JBS Seeks Rest of Pilgrim’s Pride in $1.2 Billion Offer
Pilgrim’s Pride Corp. shares jumped the most in five years after meatpacking giant JBS NV offered to acquire the shares of the chicken producer it doesn’t already own in a stock deal valued at about $1.2 billion.
·New York, United States
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The shares of Pilgrim – Pride Corporation (PPC) fired after the giant of the meat processing sector JBS made an offer to acquire the shares of the chicken producer that still does not have, in a stock exchange operation valued at about $1.2 billion. JBS already holds a stake of 82% in the chicken producer, according to a statement released on Tuesday. Now, the company proposes a stock exchange of PPC for shares of JBS, with the operation based o…
·Rio de Janeiro, Brazil
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Coverage Details
Total News Sources18
Leaning Left0Leaning Right2Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
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