Pilgrim's Pride Forms Special Committee to Consider JBS Buyout
By Adriano Marchese
Pilgrim's Pride has formed a special committee of independent directors to consider an unsolicited bid from the world's largest meatpacking company JBS.
In mid-August, JBS, which currently owns about 82% of Pilgrim's common stock, made the proposal that would give Pilgrim's Pride shareholders exposure to a bigger and more diversified global business.
Pilgrim's Pride operates protein processing plants and prepared-foods facilities focusing on poultry products in 14 states, Puerto Rico and Mexico, as well as in Europe, employing around 63,000 people across its operations.
JBS proposed a fixed exchange ratio of about 2.1 shares of its Class A common stock for each share of Pilgrim's Pride's common stock, based on the Aug. 18 closing prices of $13.66 and $28.49, respectively.
Pilgrim's Pride said its board won't approve any transaction without the favorable recommendation of the special committee, and also cautioned that there couldn't be any assurance that any particular outcome.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 09, 2026 09:05 ET (13:05 GMT)
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