Pilgrim’s Pride to Review JBS Proposal to Acquire Remaining Shares

Pilgrim's Pride Corporation

Pilgrim’s Pride Corporation’s (PPC) Board of Directors has formed a special committee to review and evaluate an unsolicited proposal from JBS N.V. to acquire all outstanding shares of common stock of PPC that JBS does not currently own.

JBS, which acquired a majority stake of PPC in 2009, currently holds 82% of PPC’s common stock. JBS attempted to acquire the remaining shares in 2021, but the deal did not transpire.

The special committee has selected Ropes & Gray LLP as legal counsel and Moelis & Company LLC as financial advisor to assist the special committee in its review and evaluation of the latest JBS proposal, received on Aug. 18.

PPC’s Board of Directors will not approve the transaction without the favorable recommendation of the special committee, and any transaction is expected to be conditioned on the affirmative vote of a majority of the votes cast by the holders of PPC shares not held by JBS or its affiliates.

“For over 16 years, JBS and PPC have worked together as PPC has expanded its operations, strengthened its global presence and significantly grown revenue,” says Jeremiah O’Callaghan, chairman of the JBS Board of Directors. “We believe this proposal offers PPC stockholders the opportunity to continue participating in PPC’s future performance through ownership of JBS shares, with exposure to a larger and more diversified global business. Our long-standing relationship with PPC and familiarity with its team and operations should support continuity for employees, customers and business partners throughout the process. We look forward to engaging constructively with the special committee of PPC’s board of directors and its advisors as they evaluate the proposal.”