Pilgrim’s Pride shares jumped 6.5% in pre-market trading after JBS N.V. submitted a non-binding proposal to acquire all publicly held shares of the poultry producer it does not already own.
The offer, priced at $28.49 per share based on Tuesday’s closing levels, would consolidate JBS’s majority control of Pilgrim’s Pride, which currently owns about 82% of the outstanding common stock. Under the terms, JBS proposed exchanging 2.086 of its Class A shares for each Pilgrim’s Pride share, a structure designed to align incentives between the two companies.
The transaction remains subject to approval by a special committee of independent Pilgrim’s Pride directors and a majority vote from minority shareholders not affiliated with JBS. If completed, the deal would lead to the delisting of Pilgrim’s Pride from the Nasdaq exchange.
Pilgrim’s Pride also separately announced this week that its European unit agreed to acquire Walkers Deli & Sausage Company from UK food group Samworth Brothers, further expanding its presence in the processed meat segment.
UBS maintained its Buy rating on JBS following the proposal, citing potential operational synergies and strategic benefits from full consolidation. The broader market indices, including the S&P 500, Dow Jones, and Nasdaq, were mixed in early trading.
