JBS SA has launched a bid to acquire the remaining shares of Pilgrim’s Pride Corp., proposing a stock-for-stock exchange valued at $28.49 per share, equivalent to 2.086 JBS Class A shares for each Pilgrim’s Pride share. The offer matches the U.S. poultry producer’s closing price on August 18, 2026, and values Pilgrim’s Pride at approximately $6.8 billion.
The proposal, which remains non-binding, is subject to approval by Pilgrim’s Pride’s independent directors and minority shareholders. JBS already owns about 82% of Pilgrim’s Pride, having initially acquired a majority stake in 2009. The Brazilian company attempted a full takeover in 2021 but withdrew the all-cash offer after failing to agree on terms.
Unlike the 2021 attempt, the current bid is structured as a stock exchange, avoiding direct cash outlay. Analysts noted the deal’s structure could benefit JBS by preserving capital while aligning incentives through share issuance. Lucas Ferreira, an analyst at JPMorgan, wrote in a note that JBS shares now serve as a more favorable currency for acquisitions given the relative valuation between the two companies.
JBS cited strategic benefits, including simplifying its organizational structure, eliminating Pilgrim’s Pride’s standalone public costs, and enabling more flexible capital allocation across the group. Pilgrim’s Pride shares rose 7% in extended trading following the announcement, while JBS shares gained about 1%. Year-to-date, Pilgrim’s Pride’s stock has declined roughly 27%, compared with a 5% drop for JBS.
The move follows Pilgrim’s Pride’s recent agreement to acquire Walker’s Deli & Sausage Company for about $142 million. JBS also announced earlier in August 2026 that it would form a joint venture with Indonesia’s sovereign wealth fund, signaling broader expansion plans beyond its core poultry operations.
