JBS proposes acquiring rest of Pilgrim’s Pride

Brazilian meatpacker JBS has proposed acquiring the remaining common shares in Pilgrim’s Pride that it doesn’t already own.

JBS has submitted a proposal to the Pilgrim’s Pride board to acquire the remaining shares in circulation.

According to Reuters, JBS already owns an 80.21% stake in Pilgrim’s Pride via subsidiaries, and is now seeking to delist the US-based chicken and pork processor.

JBS says that its existing majority ownership of Pilgrim’s Pride has enabled it to expand its portfolio in the US beyond beef and broaden its retail distribution network.

The proposal to acquire the remaining Pilgrim’s Pride shares in circulation – for $26.50 per share – is subject to various approvals, including from a special committee of Pilgrim’s Pride board members.

The news comes after Cargill and Continental Grain Company announced that they will acquire poultry producer Sanderson Farms for $4.53 billion.