JBS SA proposed to acquire the remaining 18% of Pilgrim’s Pride Corp it does not already own, offering 2.086 of its Class A shares for each Pilgrim’s Pride share outstanding.
Based on Tuesday’s closing prices, the all-share offer values Pilgrim’s Pride at $28.49 per share, or approximately $6.78 billion in total, according to the companies. JBS shares closed at $13.66, while Pilgrim’s Pride traded at $28.49.
The transaction remains subject to review and approval by a committee of Pilgrim’s Pride’s independent directors and minority shareholders. Both stocks rose about 1% in extended trading following the announcement.
Pilgrim’s Pride separately disclosed an agreement to acquire Walker’s Deli & Sausage Company for roughly $142 million, a move the company said aligns with its growth strategy in prepared foods. The poultry producer did not specify timing for the Walker’s Deli deal.
JBS, the world’s largest meatpacker, also recently announced a joint venture with Indonesia’s sovereign wealth fund, Danantara, to pursue protein production investments across multiple countries. The proposed Pilgrim’s Pride acquisition would consolidate JBS’s control over the U.S. poultry business.
