JBS Proposes to Acquire Remaining 18% Stake in Pilgrim's Pride for 2.086 Shares Each in $1.2 Billion Deal

JBS N.V., the world's largest meatpacker, submitted a non-binding proposal on August 18 to acquire all outstanding shares of Pilgrim's Pride Corporation that JBS does not already own, offering a fixed exchange ratio of 2.086 JBS Class A common shares for each Pilgrim's Pride share. JBS currently holds approximately 82% of Pilgrim's Pride common stock, making the target roughly an 18% minority stake. Bloomberg valued the proposed transaction at approximately $1.2 billion.

The proposal was submitted directly to Pilgrim's Pride's Board of Directors and remains non-binding. JBS previously attempted a similar full buyout of Pilgrim's Pride in 2021, offering $26.50 per share in cash, but withdrew that bid in February 2022 after Pilgrim's Pride's Special Committee twice rejected the offer as inadequate. The new approach uses a share-exchange structure rather than cash, tying the consideration to JBS's own stock price on the NYSE, where JBS trades as a listed company following its U.S. listing.